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

You Bet on the News, the Pros Read the Rules: The True Cognitive Gap in Losing Money on Polymarket

The article explains that the key to profiting on Polymarket, a prediction market platform, lies not just predicting real-world events correctly, but in meticulously understanding the specific rules that govern how each market will be resolved. It illustrates this with examples, such as a market on Venezuela's 2026 leader, where the official rules defining "officially holds" the office overruled the intuitive answer of who was in practical control. Other examples include debates over the definition of a "token" or what constitutes an "agreement." The core argument is that a "reality vs. rules" gap creates pricing discrepancies that savvy traders ("车头" or "whales") exploit. The platform has a formal dispute resolution process managed by UMA token holders to settle ambiguous outcomes. This process involves proposal submission, a challenge window, a discussion period, and a final vote. However, the article highlights a critical flaw in this system compared to a traditional court: the lack of separation between the arbiters (UMA voters) and the interested parties (traders with financial stakes in the outcome). This conflict of interest undermines the discussion phase, leads to herd mentality, and results in opaque final decisions without explanatory rulings. Consequently, the system lacks a body of precedent, making it difficult for users to learn from past disputes. The ultimate takeaway is that success on Polymarket requires a lawyer-like scrutiny of the rules to identify and capitalize on the cognitive gap between how events appear and how they are contractually defined for settlement.

marsbit4 min fa

You Bet on the News, the Pros Read the Rules: The True Cognitive Gap in Losing Money on Polymarket

marsbit4 min fa

Will Solana Flip Ethereum Soon? SOL Takes First Step Toward Total Domination

Solana has significantly closed the gap with Ethereum, particularly in transaction volume, processing 9 billion transactions last month compared to Ethereum's 69 million. It has also surpassed Ethereum in cumulative lifetime transactions. This highlights Solana's high-throughput, low-cost architecture designed for real-time usage. Major partnerships, such as with Visa for stablecoin settlements and Western Union's upcoming stablecoin launch, underscore its growing institutional adoption. Solana has even overtaken Ethereum in real-world asset (RWA) holders. However, a complete "flippening" depends on broader factors like capital inflows, developer activity, and network confidence. While Solana's smaller market cap suggests greater growth potential, Ethereum's Layer-2 scaling strategy strengthens its ecosystem. The outcome remains uncertain, with trade-offs on both sides.

bitcoinist11 min fa

Will Solana Flip Ethereum Soon? SOL Takes First Step Toward Total Domination

bitcoinist11 min fa

Spending $200 to Buy Stars, Scamming VCs Out of Tens of Millions: The Entire GitHub Fake Star Industry Exposed

A peer-reviewed study from Carnegie Mellon University (CMU) reveals that GitHub hosts approximately 6 million fake Stars, involving 18,600 repositories and 301,000 accounts, with AI/LLM projects being the largest non-malicious category for fake engagement. The fake Star market has exploded, with prices as low as $0.03 per Star. Research shows that venture capital firms, such as Redpoint Ventures, use GitHub Star counts as a key metric for evaluating startups, with median Stars at 2,850 for seed-stage funding. For less than $200, a project can artificially meet this threshold, distorting investment landscape. Over a dozen websites openly sell GitHub Stars, and fake Star activity saw explosive growth in 2024. AI-related repositories were among the most heavily affected. Despite GitHub’s policies against fake engagement, enforcement remains inconsistent: while 90% of flagged repositories were deleted, only 57% of involved accounts were suspended. The report highlights how purchased Stars can manipulate GitHub’s Trending algorithm and influence VC funding decisions, creating a cycle where artificial metrics attract real investment.

marsbit13 min fa

Spending $200 to Buy Stars, Scamming VCs Out of Tens of Millions: The Entire GitHub Fake Star Industry Exposed

marsbit13 min fa

Will the Fed Still Cut Interest Rates? Tonight's Data Is Crucial

The core debate surrounding the Federal Reserve's potential interest rate cuts is intensifying amid geopolitical conflict and rebounding inflation. The key question is whether high energy prices will cause persistent inflation or weaken consumer demand enough to force the Fed to cut rates. Citigroup presents a bullish case for cuts, arguing that oil supply disruptions from the Strait of Hormuz are temporary and will not lead to lasting inflationary pressure. They point to receding bond yields and oil prices as evidence the market is pricing in a short-lived shock. Citi's data also shows tightening financial conditions, a stabilizing labor market, and healthy tax returns, supporting their view that the path to lower rates remains open. Conversely, Deutsche Bank offers a starkly contrasting, more hawkish outlook. They argue the Fed's current policy is already neutral and expect rates to remain unchanged indefinitely. Their view is based on stalled disinflation progress and a shift toward more hawkish rhetoric from key Fed officials like Waller, who cited risks from prolonged Middle East conflict and tariffs. Other officials, including Williams and Hammack, signaled rates would likely stay on hold for a "considerable time." The market pricing has shifted dramatically, now forecasting zero cuts in 2026. The imminent release of the March retail sales "control group" data is highlighted as a critical test. This metric, which excludes gas station sales, will reveal if high gasoline prices are eroding consumer spending in other areas. A weak reading could support the case for imminent rate cuts, while a strong one would bolster the argument for the Fed to hold steady. This data is pivotal for determining the near-term policy path.

marsbit25 min fa

Will the Fed Still Cut Interest Rates? Tonight's Data Is Crucial

marsbit25 min fa

The Second Half of Macro Influencer Fu Peng's Career

Fu Peng, a prominent Chinese macroeconomist and former chief economist of Northeast Securities, has joined Hong Kong-based digital asset management firm Bitfire Group (formerly New Huo Group) as its chief economist. This move, announced in April 2026, triggered an 11% surge in Bitfire's stock price. Fu, known for his accessible macroeconomic commentary and large social media following, will focus on integrating digital assets into global asset allocation frameworks, particularly combining FICC (fixed income, currencies, and commodities) with cryptocurrencies for institutional clients. His career includes roles at Lehman Brothers and Solomon International, with significant influence gained through public communication. However, in late 2024, Fu faced temporary social media bans after a controversial private speech at HSBC on China's economic challenges, though he denied regulatory sanctions. He later left Northeast Securities citing health reasons. Bitfire, a licensed virtual asset manager serving high-net-worth clients, seeks to build trust and attract traditional capital through Fu’s expertise and credibility. The partnership represents a strategic shift for both: Fu enters the crypto sector after a traditional finance peak, while Bitfire aims to leverage his macro framework for institutional adoption. Outcomes remain uncertain regarding capital inflows and compatibility within corporate structure.

marsbit1 h fa

The Second Half of Macro Influencer Fu Peng's Career

marsbit1 h fa

Trading

Spot

Futures

Articoli Popolari

Come comprare SATS

Benvenuto in HTX.com! Abbiamo reso l'acquisto di SATS(SATS) (SATS) semplice e conveniente. Segui la nostra guida passo passo per intraprendere il tuo viaggio nel mondo delle criptovalute.Step 1: Crea il tuo Account HTXUsa la tua email o numero di telefono per registrarti il tuo account gratuito su HTX. Vivi un'esperienza facile e sblocca tutte le funzionalità,Crea il mio accountStep 2: Vai in Acquista crypto e seleziona il tuo metodo di pagamentoCarta di credito/debito: utilizza la tua Visa o Mastercard per acquistare immediatamente SATS(SATS)SATS.Bilancio: Usa i fondi dal bilancio del tuo account HTX per fare trading senza problemi.Terze parti: abbiamo aggiunto metodi di pagamento molto utilizzati come Google Pay e Apple Pay per maggiore comodità.P2P: Fai trading direttamente con altri utenti HTX.Over-the-Counter (OTC): Offriamo servizi su misura e tassi di cambio competitivi per i trader.Step 3: Conserva SATS(SATS) (SATS)Dopo aver acquistato SATS(SATS) (SATS), conserva nel tuo account HTX. In alternativa, puoi inviare tramite trasferimento blockchain o scambiare per altre criptovalute.Step 4: Scambia SATS(SATS) (SATS)Scambia facilmente SATS(SATS) (SATS) nel mercato spot di HTX. Accedi al tuo account, seleziona la tua coppia di trading, esegui le tue operazioni e monitora in tempo reale. Offriamo un'esperienza user-friendly sia per chi ha appena iniziato che per i trader più esperti.

179 Totale visualizzazioniPubblicato il 2024.12.10Aggiornato il 2025.03.21

Discussioni

Benvenuto nella Community HTX. Qui puoi rimanere informato sugli ultimi sviluppi della piattaforma e accedere ad approfondimenti esperti sul mercato. Le opinioni degli utenti sul prezzo di SATS SATS sono presentate come di seguito.