The adoption of Bitcoin by treasuries saw a significant slowdown in the fourth quarter of 2025, even as major corporate holders continued to gradually increase their holdings while smaller entities withdrew from the market.
According to blockchain data platform CryptoQuant, the number of new companies adding Bitcoin (BTC) to their treasuries dropped sharply from 53 in the third quarter to just nine in the fourth quarter so far, totaling 117 new adopters this year.
“Although there was growth during 2025, most Bitcoin Treasury companies maintain relatively small reserves,” CryptoQuant noted in a Thursday X post.
The data indicates that while accumulation continues, the most capitalized corporate treasuries are still in a position to acquire more Bitcoin, despite a drop in purchasing activity from smaller firms and retail investors.
Certain Bitcoin treasury firms have ceased their accumulation activities this quarter. Japanese investment firm Metaplanet, for example, has not acquired any Bitcoin in over two months.
Moreover, some companies have started liquidating their Bitcoin holdings. UK-based tech company Satsuma Technology sold 579 Bitcoin for approximately $53 million, leaving it with 620 Bitcoin on its balance sheet, as stated in a Wednesday announcement.
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Leading corporate holders maintain their discreet Bitcoin acquisition
Amidst the overall slowdown, some of the largest corporations continue to expand their Bitcoin holdings.
Strategy, the top corporate Bitcoin holder, made a significant purchase of $962 million in BTC on Monday, marking its largest acquisition since July. The firm is now only $500 million away from matching the $21.97 billion in Bitcoin it acquired in 2024, according to CryptoQuant.
Public company treasuries currently hold over 1 million Bitcoin, valued at $90.2 billion, representing 4.7% of the total supply, according to BitcoinTreasuries.NET data.
Additionally, 1.49 million Bitcoin, equating to 7% of the total supply, is held by spot Bitcoin exchange-traded funds.
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Deteriorating investments in digital asset treasuries as Ether acquisitions drop 81%
Digital asset treasury (DAT) acquisitions are also experiencing a slowdown. Ripple-backed Evernorth Holdings has remained dormant since late October, when it acquired $950 million in XRP tokens.
However, Evernorth’s XRP holdings faced nearly $80 million in unrealized losses shortly after the purchase due to market downturns and increasing pressure on DATs.
BitMine Immersion Technologies, the largest corporate holder of Ether (ETH), has also reduced its Ether acquisitions from a peak of $2.6 billion in July to only $296 million in December.
Total investments from Ether treasury firms plummeted by 81% in the last three months, dropping from 1.97 million ETH in August to 370,000 ETH in November.
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