Bitcoin miners, able to obtain the cryptocurrency at below-market rates, may be uniquely positioned to influence corporate adoption as accumulation by crypto treasury firms declines, according to BitcoinTreasuries.NET.
In the fourth quarter, Bitcoin (BTC) treasury firms are expected to purchase 40,000 BTC, marking the lowest amount since Q3 2024, as stated by BitcoinTreasuries.NET President Pete Rizzo in a corporate adoption report released Thursday.
Despite this decline, Rizzo noted that Bitcoin mining companies remain key players, representing 5% of new additions and 12% of total public company balances in November.
“Miners are acquiring BTC at effective discounts to spot prices through block production, which may enhance the role of their balance sheets in fostering corporate adoption, particularly if other treasuries curb their purchases,” he commented.
Miners as Major Bitcoin Holders
Typically, miners produce about 900 Bitcoin daily, according to Bitbo, with MARA Holdings possessing the second-largest Bitcoin reservoir among public companies at 53,250 Bitcoin.
Riot Platforms ranks as the seventh-largest public Bitcoin holder with 19,324, while Hut 8 Mining follows in ninth with 13,696.
Rizzo observed that while the “summer buying frenzy” among crypto treasury firms has subsided, “demand has not disappeared.”
“Public corporations seem to be adjusting to a slower, more selective rhythm as they assess recent acquisitions and evaluate risk,” he added.
November Put Treasury Companies to the Test
In November, Bitcoin’s price dipped below $90,000 for the first time since April, marking a crucial stress test for the Bitcoin capital markets era, Rizzo indicated.
Approximately 65% of purchasers bought Bitcoin above current market rates and are now facing unrealized losses.
Related: Businesses are absorbing Bitcoin 4x faster than it is mined: Report
“Bitcoin’s late-November decline brought spot prices near $90,000, putting many 2025 buyers at a loss. For the 100 companies with measurable cost basis, around two-thirds are now facing unrealized losses at present prices,” he stated.
“This does not signify widespread distress yet, but it does compel risk committees and boards to face the challenges of averaging into high prices and depending on long-term growth to substantiate treasury decisions.”
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