Bitcoin miners, who can obtain the cryptocurrency at below-market prices, may be better positioned to influence corporate adoption as the accumulation by crypto treasury firms diminishes, states BitcoinTreasuries.NET.
Bitcoin (BTC) treasury companies are expected to purchase 40,000 BTC in the fourth quarter, marking the lowest figure since Q3 2024, according to BitcoinTreasuries.NET President Pete Rizzo reported in a corporate adoption analysis released on Thursday.
Despite this slowdown, Rizzo noted that Bitcoin mining companies continue to “anchor public-market Bitcoin holdings,” representing 5% of new additions and 12% of total public company balances in November.
“Since miners can acquire BTC at an effective discount to market rates through block production, their balance sheets could play a crucial role in facilitating corporate adoption, particularly if other treasuries slow down or halt their purchases,” he explained.
Miners already among top Bitcoin holders
On average, miners produce around 900 Bitcoin each day, according to Bitbo, with MARA Holdings holding the second largest Bitcoin reserve among public companies at 53,250 Bitcoin.
Riot Platforms ranks as the seventh largest public Bitcoin holder, with 19,324, while Hut 8 Mining is ninth with 13,696.
Rizzo mentioned that the “summer buying frenzy” by crypto treasury companies has subsided, but “demand has not disappeared.”
“Public corporations seem to be adjusting to a slower, more selective pace as they evaluate recent acquisitions and reassess risks,” he added.
November a stress test for treasury companies
In November, Bitcoin’s price fell below $90,000 for the first time since April, presenting one of the initial true stress tests for the Bitcoin capital markets era, Rizzo noted.
Approximately 65% of purchasers bought Bitcoin at prices above current market rates and now face unrealized losses.
Related: Businesses are absorbing Bitcoin 4x faster than it is mined: Report
“Bitcoin’s late‑November decline pushed spot prices toward $90,000, causing many buyers from 2025 to experience losses. Among the 100 companies with measurable cost bases, around two-thirds are now facing unrealized losses at current prices,” he explained.
“This does not yet indicate widespread distress, but it compels risk committees and boards to confront the downside of averaging into high prices and depending on long-term gains to justify treasury decisions.”
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