Las tesorerías de Bitcoin se estancan en el cuarto trimestre, pero los mayores tenedores siguen acumulando sats

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

Abstract

Las empresas redujeron drásticamente la adopción de Bitcoin en sus tesorerías durante el cuarto trimestre de 2025, con solo nueve nuevas compañías añadiendo BTC a sus balances, frente a las 53 del trimestre anterior. Según CryptoQuant, aunque 117 empresas adoptaron Bitcoin en 2025, la mayoría mantiene cantidades pequeñas. No obstante, los mayores tenedores corporativos, como Strategy —que adquirió $962 millones en BTC— continúan acumulando activamente. En total, las empresas públicas poseen más de 1 millón de Bitcoins (4.7% del suministro), mientras que los ETF spot mantienen otro 7%. Paralelamente, las adquisiciones de Ether en tesorerías cayeron un 81% en los últimos tres meses.

La adopción de Bitcoin como activo de tesorería se desaceleró bruscamente en el cuarto trimestre de 2025, incluso cuando los mayores tenedores corporativos continuaron agregando silenciosamente a sus reservas mientras los actores más pequeños se retiraban.

El número de nuevas empresas con tesorerías en Bitcoin (BTC) disminuyó desde su máximo de 53 empresas nuevas en el tercer trimestre a solo nueve empresas que agregaron Bitcoin a su balance en el cuarto trimestre de 2025 hasta ahora, con un total de 117 nuevas empresas adoptando Bitcoin este año, según la plataforma de datos blockchain CryptoQuant.

"A pesar del crecimiento en números durante 2025, la mayoría de las empresas con Tesorería en Bitcoin mantienen cantidades relativamente pequeñas", escribió CryptoQuant en una publicación de X el jueves.

Aun así, los datos de acumulación muestran que las tesorerías corporativas con más fondos continúan acaparando la oferta de Bitcoin a pesar de una disminución en las compras por parte de empresas más pequeñas y participantes minoristas.

*Nuevas empresas con tesorería en Bitcoin por mes, gráfico del año 2025 hasta la fecha. Fuente:* *CryptoQuant*

Algunas empresas con tesorería en Bitcoin han dejado de acumular este trimestre. La empresa de inversión japonesa Metaplanet, por ejemplo, no ha comprado Bitcoin en más de dos meses.

Algunas empresas incluso están vendiendo sus reservas de Bitcoin. La empresa tecnológica del Reino Unido centrada en Bitcoin, Satsuma Technology, vendió 579 Bitcoin por alrededor de $53 millones, dejando a la empresa con 620 Bitcoin en su balance, según un anuncio del miércoles.

Relacionado: Bitcoin se mantiene en $90K mientras las ballenas se comen la caída de Ethereum: Finance Redefined

Los mayores tenedores corporativos continúan su silenciosa acumulación de Bitcoin

A pesar de la desaceleración general, algunas de las mayores corporaciones continúan acaparando más oferta de Bitcoin.

Strategy, el mayor tenedor corporativo de Bitcoin, compró $962 millones de BTC el lunes, en su mayor compra desde julio. La empresa ahora está a solo $500 millones de igualar los $21.97 mil millones en Bitcoin que adquirió en 2024, según CryptoQuant.

*Strategy, monto invertido en dólares estadounidenses. Fuente:* *CryptoQuant*

Más de 1 millón de Bitcoin, valorados en $90.2 mil millones, ya están en tesorerías de empresas públicas, lo que representa el 4.7% de la oferta total, según datos de BitcoinTreasuries.NET.

Se mantienen adicionalmente 1.49 millones de Bitcoin, o el 7% de la oferta, por fondos cotizados en bolsa (ETF) de Bitcoin spot.

*Tenencia de Bitcoin en tesorerías. Fuente: BitcoinTreasuries.NET*

Relacionado: Monederos de Bitcoin vinculados a Silk Road mueven $3M a nueva dirección

Las DATs desaceleran compras de cripto mientras las inversiones en tesorería de Ether caen un 81%

Las adquisiciones de tesorería de activos digitales (DAT) también se están desacelerando. Evernorth Holdings, respaldada por Ripple, ha estado inactiva desde finales de octubre, cuando adquirió tokens XRP por $950 millones.

Las tenencias de XRP de Evernorth enfrentaban pérdidas no realizadas de casi $80 millones semanas después de las compras en medio de la declinación del mercado y la creciente presión sobre las DAT.

BitMine Immersion Technologies, el mayor tenedor corporativo de Ether (ETH), también ha desacelerado sus adquisiciones de Ether en los últimos meses, desde un máximo de $2.6 mil millones en julio a solo $296 millones de ETH en diciembre.

Las inversiones acumuladas de las empresas con tesorería en Ether cayeron un 81% en los últimos tres meses, desde 1.97 millones de ETH adquiridos en agosto a 370,000 ETH en noviembre.

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