Bitcoin treasuries stall in Q4, but largest holders keep stacking sats

cointelegraphPublished on 2025-12-11Last updated on 2025-12-11

Abstract

Adopsi Bitcoin di kasus perusahaan melambat tajam pada kuartal keempat 2025, dengan hanya 9 perusahaan baru yang menambahkan Bitcoin ke neraca mereka—turun drastis dari 53 perusahaan di kuartal sebelumnya. Menurut data CryptoQuant, total 117 perusahaan mengadopsi Bitcoin sepanjang tahun ini, namun sebagian besar memegang jumlah kecil. Meski demikian, pemegang korporat terbesar seperti Strategy terus mengakumulasi Bitcoin, dengan pembelian senilai $962 juta pada Senin. Secara keseluruhan, perusahaan publik memegang lebih dari 1 juta Bitcoin (4.7% total suplai), sementara ETF Bitcoin menyimpan 1.49 juta Bitcoin (7%). Di sisi lain, beberapa perusahaan seperti Metaplanet berhenti membeli, bahkan Satsuma Technology menjual 579 Bitcoin. Investasi treasury aset digital juga melambat, dengan akuisisi Ethereum oleh perusahaan turun 81% dalam tiga bulan terakhir.

Adopsi treasury Bitcoin melambat tajam pada kuartal keempat tahun 2025, bahkan ketika pemegang korporat terbesar terus diam-diam menambah simpanan mereka sementara pemain yang lebih kecil mundur.

Jumlah perusahaan treasury Bitcoin baru menurun dari puncaknya sebanyak 53 perusahaan baru di kuartal ketiga menjadi hanya sembilan perusahaan yang menambahkan Bitcoin ke neraca mereka di kuartal keempat tahun 2025 sejauh ini, dengan total 117 perusahaan baru yang mengadopsi Bitcoin tahun ini, menurut platform data blockchain CryptoQuant.

“Meskipun terjadi pertumbuhan jumlah selama tahun 2025, sebagian besar perusahaan Treasury Bitcoin memegang jumlah yang relatif kecil,” tulis CryptoQuant dalam postingan X pada hari Kamis.

Namun, data akumulasi menunjukkan bahwa treasury korporat yang paling banyak dananya terus menyedot pasokan Bitcoin meskipun terjadi penurunan pembelian oleh perusahaan kecil dan peserta ritel.

*Perusahaan treasury Bitcoin baru per bulan, grafik tahun-ke-tanggal 2025. Sumber:* *CryptoQuant*

Beberapa perusahaan treasury Bitcoin telah berhenti mengakumulasi kuartal ini. Perusahaan investasi Jepang Metaplanet, misalnya, belum membeli Bitcoin apa pun dalam lebih dari dua bulan.

Beberapa perusahaan bahkan menjual simpanan Bitcoin mereka. Perusahaan teknologi yang berbasis di Inggris dan berfokus pada Bitcoin, Satusma Technology, menjual 579 Bitcoin seharga sekitar $53 juta, meninggalkan perusahaan dengan 620 Bitcoin di neracanya, menurut pengumuman pada hari Rabu.

Terkait: Bitcoin stagnan di $90K saat paus 'melahap' penurunan Ethereum: Finance Redefined

Pemegang korporat terbesar melanjutkan akumulasi Bitcoin diam-diam mereka

Terlepas dari perlambatan yang lebih luas, beberapa perusahaan terbesar terus menyedot lebih banyak pasokan Bitcoin.

Strategy, pemegang Bitcoin korporat terbesar, membeli $962 juta BTC pada hari Senin, dalam pembelian terbesarnya sejak Juli. Perusahaan sekarang hanya $500 juta lagi untuk menyamai $21,97 miliar Bitcoin yang diperolehnya pada tahun 2024, menurut CryptoQuant.

*Strategy, jumlah yang diinvestasikan dalam dolar AS. Sumber:* *CryptoQuant*

Lebih dari 1 juta Bitcoin senilai $90,2 miliar sudah dipegang dalam treasury perusahaan publik, mewakili 4,7% dari total pasokan, menurut data dari BitcoinTreasuries.NET.

Tambahan 1,49 juta Bitcoin, atau 7% dari pasokan, dipegang oleh reksa dana yang diperdagangkan di bursa (ETF) Bitcoin spot.

*Pemegangan Bitcoin di treasury. Sumber: BitcoinTreasuries.NET*

Terkait: Dompet Bitcoin yang terkait Silk Road memindahkan $3M ke alamat baru

Pembelian crypto oleh DAT melambat seiring investasi treasury Ether turun 81%

Akuisisi treasury aset digital (DAT) juga melambat. Evernorth Holdings yang didukung Ripple tidak aktif sejak akhir Oktober, ketika memperoleh token XRP (XRP) senilai $950 juta.

Pemegangan XRP Evernorth menghadapi kerugian belum direalisasi hampir $80 juta beberapa minggu setelah pembelian di tengah penurunan pasar dan tekanan yang meningkat pada DAT.

BitMine Immersion Technologies, pemegang Ether (ETH) korporat terbesar, juga memperlambat akuisisi Ether-nya dalam beberapa bulan terakhir dari puncak $2,6 miliar pada Juli menjadi hanya $296 juta ETH pada Desember.

Investasi kumulatif dari perusahaan treasury Ether turun 81% dalam tiga bulan terakhir, dari 1,97 juta ETH yang diperoleh pada Agustus menjadi 370.000 ETH pada November.

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