Bitcoin treasury adoption experienced a sharp decline in the fourth quarter of 2025, as major corporate holders continued to increase their reserves while smaller players withdrew.
The count of new Bitcoin (BTC) treasury companies fell from a high of 53 in the third quarter to only nine in the fourth quarter of 2025, marking a total of 117 new companies adopting Bitcoin this year, according to the blockchain data platform CryptoQuant.
“Despite the overall growth in numbers for 2025, most Bitcoin treasury companies maintain relatively small holdings,” CryptoQuant stated in a post on Thursday.
However, data on accumulation indicates that the largest corporate treasuries are still acquiring Bitcoin, even as smaller companies and retail participants pull back.
Some Bitcoin treasury firms have halted their accumulation this quarter. For example, Japanese investment company Metaplanet hasn’t purchased any Bitcoin in over two months.
Additionally, some companies are even liquidating their Bitcoin holdings. UK-based Bitcoin-focused tech firm Satsuma Technology sold 579 Bitcoin for approximately $53 million, reducing its total to 620 Bitcoin, according to a Wednesday announcement.
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Largest corporate holders continue their quiet Bitcoin accumulation
Despite the general slowdown, some of the largest corporations persist in acquiring more Bitcoin.
Strategy, the biggest corporate Bitcoin holder, made a $962 million BTC purchase on Monday, marking its largest acquisition since July. The company is now only $500 million away from matching the $21.97 billion worth of Bitcoin it amassed in 2024, as per CryptoQuant.
Over 1 million Bitcoin, valued at $90.2 billion, is currently held in public company treasuries, accounting for 4.7% of the total supply, according to data from BitcoinTreasuries.NET.
An additional 1.49 million Bitcoin, or 7% of the supply, is held by spot Bitcoin exchange-traded funds.
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DATs slow crypto purchases as Ether treasury investments fall 81%
Digital asset treasury (DAT) acquisitions are also slowing down. Ripple-backed Evernorth Holdings has been inactive since the end of October, when it acquired $950 million in XRP tokens.
Evernorth’s XRP holdings saw almost $80 million in unrealized losses weeks after the purchases due to market declines and increasing pressures on DATs.
BitMine Immersion Technologies, the largest corporate Ether (ETH) holder, has also reduced its Ether acquisitions recently, dropping from a peak of $2.6 billion in July to just $296 million of ETH in December.
Cumulative investments from Ether treasury firms plummeted by 81% over the last three months, from 1.97 million ETH acquired in August to 370,000 ETH in November.
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