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

cointelegraphPubblicato 2025-12-11Pubblicato ultima volta 2025-12-11

Introduzione

The adoption of Bitcoin treasuries slowed sharply in Q4 2025, with only nine new companies adding BTC to their balance sheets compared to 53 in the previous quarter. While 117 companies adopted Bitcoin in 2025, most hold relatively small amounts. However, the largest corporate holders, such as Strategy, continued accumulating Bitcoin, with Strategy purchasing $962 million worth in a single day. Overall, public companies hold over 1 million BTC ($90.2B), representing 4.7% of the total supply, while spot Bitcoin ETFs hold an additional 1.49 million BTC. Some firms, like Metaplanet, paused purchases, and others, like Satsuma Technology, sold portions of their holdings. Ether treasury investments also declined, with cumulative ETH acquisitions falling 81% over three months.

Bitcoin treasury adoption slowed sharply in the fourth quarter of 2025, even as the biggest corporate holders continued to quietly add to their stacks while smaller players stepped back.

The number of new Bitcoin (BTC) treasury companies declined from its peak of 53 new companies in the third quarter to just nine companies adding Bitcoin to their balance sheet in the fourth quarter of 2025 so far, with a total of 117 new companies adopting Bitcoin this year, according to blockchain data platform CryptoQuant.

“Despite the growth in numbers during 2025, most Bitcoin Treasury companies hold relatively small amounts,” CryptoQuant wrote in a Thursday X post.

Still, the accumulation data shows that the most well-funded corporate treasuries continue to scoop up the Bitcoin supply despite a decline in buying by smaller companies and retail participants.

*New Bitcoin treasury companies per month, 2025 year-to-date chart. Source:* *CryptoQuant*

Some Bitcoin treasury firms have stopped accumulating this quarter. Japanese investment company Metaplanet, for instance, hasn’t purchased any Bitcoin in over two months.

Some companies are even selling their Bitcoin stacks. United Kingdom-based, Bitcoin-focused tech company Satsuma Technology sold 579 Bitcoin for around $53 million, leaving the company with 620 Bitcoin on its balance sheet, according to a Wednesday announcement.

Related: Bitcoin treads water at $90K as whales eat the Ethereum dip: Finance Redefined

Largest corporate holders continue their quiet Bitcoin accumulation

Despite the broader slowdown, some of the largest corporations continue to scoop up more of the Bitcoin supply.

Strategy, the largest corporate Bitcoin holder, purchased $962 million of BTC on Monday, in its biggest purchase since July. The company is now just $500 million shy of matching the $21.97 billion worth of Bitcoin it acquired in 2024, according to CryptoQuant.

*Strategy, US dollar amount invested. Source:* *CryptoQuant*

Over 1 million Bitcoin worth $90.2 billion is already held in public company treasuries, representing 4.7% of the total supply, according to data from BitcoinTreasuries.NET.

An additional 1.49 million Bitcoin, or 7% of the supply, is held by spot Bitcoin exchange-traded funds.

*Bitcoin holdings in treasuries. Source: BitcoinTreasuries.NET*

Related: Silk Road-linked Bitcoin wallets move $3M to new address

DATs slow crypto purchases as Ether treasury investments fall 81%

Digital asset treasury (DAT) acquisitions are also slowing down. Ripple-backed Evernorth Holdings has been inactive since the end of October, when it acquired $950 million XRP (XRP) tokens.

Evernorth’s XRP holdings were facing nearly $80 million in unrealized losses weeks after the purchases amid the market decline and growing pressure on DATs.

BitMine Immersion Technologies, the largest corporate Ether (ETH) holder, has also slowed its Ether acquisitions in recent months from a peak of $2.6 billion in July to just $296 million of ETH in December.

Cumulative investments from Ether treasury firms fell by 81% in the past three months, from 1.97 million ETH acquired in August to 370,000 ETH in November.

Magazine: Mysterious Mr Nakamoto author — Finding Satoshi would hurt Bitcoin

Letture associate

Trust Wallet taps Revolut for crypto purchases in Europe

Trust Wallet, owned by Binance co-founder Changpeng Zhao, has partnered with Revolut to enable direct crypto purchases for users in Europe. The integration allows buying Bitcoin, Ether, and Solana with a minimum purchase of €10 and a daily cap of €23,000. While stablecoins like USDC are not yet supported, the feature supports multiple fiat currencies with zero transaction fees. However, funding a Revolut account may incur charges. The move follows Revolut’s recent regulatory approval under MiCA and its $75 billion valuation.

cointelegraph3 min fa

Trust Wallet taps Revolut for crypto purchases in Europe

cointelegraph3 min fa

From Content Creation to Business Operations: Five Pitfall Avoidance Guides for Crypto KOLs

"The article 'From Content Creation to Business Operations: Five Pitfall Avoidance Guides for Crypto KOLs' outlines key mistakes crypto influencers make and how to overcome them. The first error is treating content creation as a hobby rather than a business, emphasizing the need to shift from chasing engagement to building a sustainable monetization strategy. The second pitfall is lacking a clear niche; the author advises focusing on a specific, profitable area that combines personal passion, expertise, and market demand. The third mistake is using low-quality branding materials, which can undermine credibility. Instead, creators should use professional visuals and clear bios to enhance their perceived value. The fourth error is creating content without a monetization funnel, leading to high visibility but low income. The solution is to build a structured ecosystem that converts followers into customers. Finally, the fifth pitfall is stagnating after choosing a niche. Continuous learning and staying updated with industry trends are crucial to maintaining authority and growth. The article stresses that avoiding these traps can help crypto KOLs transform their content into a long-term, profitable business."

比推8 min fa

Ripple’s Bank Is About To Be A Reality – Here’s The Next Important Date For XRP

Ripple is reportedly close to receiving approval for a national banking charter from the U.S. Office of the Comptroller of the Currency (OCC), a milestone that would allow it to establish a federally regulated bank. This approval, described as "imminent" by market analysts, could significantly boost XRP's utility and institutional adoption. If granted, Ripple's proposed national trust bank, headquartered in New York, would offer custody and settlement services for both digital and traditional assets, and potentially integrate its RLUSD stablecoin. The timing aligns with a recent OCC ruling that permits U.S. banks to use digital assets like XRP in their operations, further strengthening Ripple’s position in the financial system.

bitcoinist21 min fa

Ripple’s Bank Is About To Be A Reality – Here’s The Next Important Date For XRP

bitcoinist21 min fa

From Render to Ozak AI — Why Investors Are Shifting Focus From GPU Tokens to Intelligent AI Protocols

Investors are shifting focus from GPU tokens like Render to intelligent AI protocols such as Ozak AI ($OZ), which combines AI automation, decentralized infrastructure, and predictive analytics. Ozak AI’s presale has gained strong momentum, raising over $4.8 million with the token priced at $0.014. The project integrates multi-chain intelligence, agent-driven computation, and real-time data interpretation, offering broader utility beyond raw processing power. Key partnerships with Hive Intel, Weblume, SINT, and Meganet enhance its capabilities in analytics, no-code deployment, and decentralized compute support. With a completed audit confirming security and transparency, Ozak AI represents a new standard in adaptive, AI-driven decentralized networks.

TheNewsCrypto30 min fa

From Render to Ozak AI — Why Investors Are Shifting Focus From GPU Tokens to Intelligent AI Protocols

TheNewsCrypto30 min fa

Strategy Takes a Hardline Stance Against MSCI: What's in the 12-Page Open Letter of Defense?

In October 2024, MSCI proposed excluding companies with over 50% of their assets in digital assets from its global investable market indices, directly threatening Digital Asset Treasury (DAT) companies like MicroStrategy. Analysts warned this could trigger up to $8.8 billion in outflows, with MicroStrategy alone facing $2.8 billion in passive selling pressure. In response, MicroStrategy submitted a 12-page public letter to MSCI, strongly opposing the proposal as "misleading and destructive." The company argued that digital assets represent a revolutionary financial technology, comparable to historic infrastructure investments like oil or telecommunications. It emphasized that DATs are operational businesses with active revenue models, not passive funds, and criticized the 50% threshold as arbitrary, discriminatory, and impractical due to Bitcoin's volatility. MicroStrategy also accused MSCI of violating index neutrality and contradicting the U.S. government's pro-digital asset strategy. The company demanded MSCI withdraw the proposal or extend the consultation period. It is not alone—over 300 entities, including Strive and Bitcoin for Corporations, have joined opposition efforts, suggesting alternative indices instead of exclusion. The outcome, expected by January 2026, will significantly impact the integration of digital asset companies into traditional financial markets.

marsbit38 min fa

Strategy Takes a Hardline Stance Against MSCI: What's in the 12-Page Open Letter of Defense?

marsbit38 min fa

Trading

Spot

Futures