Bitcoin treasury adoption saw a significant slowdown in the fourth quarter of 2025, contrasting with the continued quiet accumulation by the largest corporate holders. While smaller players have reduced their involvement, major companies are still adding to their Bitcoin reserves.
According to data from blockchain analytics firm CryptoQuant, the number of new companies adding Bitcoin to their balance sheets dropped sharply from a peak of 53 in the third quarter to just nine in the fourth quarter of 2025. Despite this decline, a total of 117 new companies adopted Bitcoin this year.
CryptoQuant noted in an X post that while the number of companies has grown throughout 2025, "most Bitcoin Treasury companies hold relatively small amounts." This indicates a trend where larger, more established corporate treasuries are driving the continued accumulation.
The accumulation data suggests that despite the decrease in buying activity from smaller companies and retail participants, the most well-funded corporate treasuries are consistently acquiring Bitcoin.
Some Bitcoin treasury firms have paused their accumulation efforts this quarter. For example, Japanese investment company Metaplanet has not purchased any Bitcoin in over two months.
Furthermore, a few companies have begun selling their Bitcoin holdings. Satsuma Technology, a United Kingdom-based Bitcoin-focused tech company, recently sold 579 Bitcoin for approximately $53 million, reducing its balance sheet holdings to 620 Bitcoin, according to a recent announcement.
Largest Corporate Holders Continue Quiet Bitcoin Accumulation
Despite the overall slowdown in new treasury adoptions, some of the largest corporations are continuing to increase their Bitcoin holdings.
Strategy, recognized as the largest corporate Bitcoin holder, made a significant purchase of $962 million in BTC on Monday, marking its largest acquisition since July. CryptoQuant reports that the company is now only $500 million away from matching the $21.97 billion worth of Bitcoin it acquired throughout 2024.
Data from BitcoinTreasuries.NET indicates that public company treasuries currently hold over 1 million Bitcoin, valued at $90.2 billion, which represents 4.7% of the total Bitcoin supply.
In addition to corporate treasuries, spot Bitcoin exchange-traded funds hold an additional 1.49 million Bitcoin, accounting for 7% of the total supply.
Digital Asset Treasury (DAT) Purchases Slow Amid Declining Ether Investments
Acquisitions by digital asset treasuries (DATs) are also experiencing a slowdown. Evernorth Holdings, backed by Ripple, has been inactive since late October, when it acquired $950 million worth of XRP tokens.
Evernorth's XRP holdings faced nearly $80 million in unrealized losses weeks after the purchase, attributed to market declines and increasing pressure on DATs.
BitMine Immersion Technologies, the largest corporate holder of Ether, has also reduced its Ether acquisitions in recent months. Its Ether purchases decreased from a peak of $2.6 billion in July to $296 million in December.
Cumulative investments from Ether treasury firms have fallen by 81% over the past three months, dropping from 1.97 million ETH acquired in August to 370,000 ETH in November.