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

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Bitcoin treasury adoption slowed sharply successful the 4th fourth of 2025, adjacent arsenic the biggest firm holders continued to softly adhd to their stacks portion smaller players stepped back.

The fig of caller Bitcoin (BTC) treasury companies declined from its highest of 53 caller companies successful the 3rd 4th to conscionable 9 companies adding Bitcoin to their equilibrium expanse successful the 4th fourth of 2025 truthful far, with a full of 117 caller companies adopting Bitcoin this year, according to blockchain information level CryptoQuant.

“Despite the maturation successful numbers during 2025, astir Bitcoin Treasury companies clasp comparatively tiny amounts,” CryptoQuant wrote successful a Thursday X post.

Still, the accumulation information shows that the astir well-funded firm treasuries proceed to scoop up the Bitcoin proviso contempt a diminution successful buying by smaller companies and retail participants.

Some Bitcoin treasury firms person stopped accumulating this quarter. Japanese concern institution Metaplanet, for instance, hasn’t purchased immoderate Bitcoin successful implicit 2 months.

Some companies are adjacent selling their Bitcoin stacks. United Kingdom-based, Bitcoin-focused tech institution Satsuma Technology sold 579 Bitcoin for astir $53 million, leaving the institution with 620 Bitcoin connected its equilibrium sheet, according to a Wednesday announcement.

Largest firm holders proceed their quiescent Bitcoin accumulation

Despite the broader slowdown, immoderate of the largest corporations proceed to scoop up much of the Bitcoin supply.

Strategy, the largest firm Bitcoin holder, purchased $962 million of BTC connected Monday, successful its biggest acquisition since July. The institution is present conscionable $500 cardinal shy of matching the $21.97 cardinal worthy of Bitcoin it acquired successful 2024, according to CryptoQuant.

Over 1 cardinal Bitcoin worthy $90.2 cardinal is already held successful nationalist institution treasuries, representing 4.7% of the full supply, according to information from BitcoinTreasuries.NET.

An further 1.49 cardinal Bitcoin, oregon 7% of the supply, is held by spot Bitcoin exchange-traded funds.

DATs dilatory crypto purchases arsenic Ether treasury investments autumn 81%

Digital plus treasury (DAT) acquisitions are besides slowing down. Ripple-backed Evernorth Holdings has been inactive since the extremity of October, erstwhile it acquired $950 cardinal XRP (XRP) tokens.

Evernorth’s XRP holdings were facing astir $80 cardinal successful unrealized losses weeks aft the purchases amid the marketplace diminution and increasing unit connected DATs.

BitMine Immersion Technologies, the largest firm Ether (ETH) holder, has besides slowed its Ether acquisitions successful caller months from a highest of $2.6 cardinal successful July to conscionable $296 cardinal of ETH successful December.

Cumulative investments from Ether treasury firms fell by 81% successful the past 3 months, from 1.97 cardinal ETH acquired successful August to 370,000 ETH successful November.