Bitcoin miners, which have the ability to obtain the cryptocurrency at below-market rates, may be best positioned to influence corporate adoption as the accumulation by crypto treasury firms wanes, according to BitcoinTreasuries.NET.
Bitcoin (BTC) treasury firms are expected to purchase 40,000 BTC in the fourth quarter, marking the lowest figure since Q3 2024, stated BitcoinTreasuries.NET President Pete Rizzo in a corporate adoption report released on Thursday.
Despite the decline, Rizzo noted that Bitcoin mining companies continue to “solidify public‑market Bitcoin holdings,” representing 5% of new additions and 12% of the total public company balances in November.
“Since miners can acquire BTC at a practical discount through block production, their balance sheets may play an increasingly crucial role in fostering corporate adoption, particularly if other treasuries slow or halt their purchases,” he mentioned.
Miners already among top Bitcoin holders
On average, miners yield about 900 Bitcoin daily, according to Bitbo, and MARA Holdings boasts the second-largest Bitcoin reserve among public companies, with 53,250 Bitcoin.
Riot Platforms ranks as the seventh largest public Bitcoin holder, with 19,324, while Hut 8 Mining comes in ninth with 13,696.
Rizzo remarked that the “summer buying frenzy” from crypto treasury firms has subsided, though “demand has not disappeared.”
“Public corporations seem to be adopting a slower, more selective approach as they process recent acquisitions and re-evaluate risk,” he added.
November a stress test for treasury companies
In November, Bitcoin’s price dropped below $90,000 for the first time since April, creating one of the first authentic stress tests for the Bitcoin capital markets era, Rizzo noted.
Approximately 65% of buyers purchased Bitcoin 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 near $90,000, plunging many 2025 buyers into a loss. For the 100 companies with measurable cost basis, about two‑thirds now find themselves with unrealized losses at the current prices,” he said.
“This does not indicate widespread distress yet, but it does compel risk committees and boards to address the potential downsides of averaging into high prices and depending on long-term gains to justify treasury decisions.”
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