Bitcoin Treasuries Stall in Q4 as Large Investors Keep Accumulating

Bitcoin treasury adoption slowed sharply in the fourth quarter of 2025. 

However, large investors continue to accumulate Bitcoin despite the drop in smaller company participation. As of now, public companies hold over 4.7% of Bitcoin’s total supply. This demonstrates the ongoing interest of major players in Bitcoin, even in a less active market.

Decline in New Bitcoin Treasury Adoption

The number of companies adding Bitcoin to their treasuries sharply declined in the fourth quarter.

Blockchain data platform CryptoQuant reported that only nine new companies have joined the trend of holding Bitcoin in Q4, compared to 53 in Q3. This brings the total number of companies adopting Bitcoin in 2025 to 117.

Despite the lower number of new adopters, CryptoQuant noted that the companies now holding Bitcoin generally have smaller stacks.

Many of the new treasury companies are holding relatively modest amounts of BTC. As a result, smaller firms and retail participants have pulled back from further accumulation, possibly due to market volatility.

Large Holders Continue Accumulating Bitcoin

Despite the slowdown in new adopters, the largest corporate Bitcoin holders continue to add to their stacks. Strategy, the largest corporate holder, made a $962 million Bitcoin purchase recently. This acquisition brought them closer to matching their record $21.97 billion Bitcoin purchase in 2024.

Currently, over 1 million Bitcoin, worth around $90.2 billion, are held by public companies. This represents 4.7% of Bitcoin’s total supply, reflecting sustained interest from large institutional investors. These companies are quietly building their positions, showing confidence in Bitcoin’s long-term value.

Related Reading: The Market Saw 48 New BTC Treasuries Pop Up In Just 3 Months

Market Slowdown Affects Other Digital Asset Treasuries

The slowdown in Bitcoin treasuries is part of a broader trend seen in other digital asset treasuries.

Ripple-backed Evernorth Holdings has paused acquisitions since October 2025. The company had previously purchased $950 million in XRP tokens, but those holdings are facing unrealized losses.

Similarly, BitMine Immersion Technologies, a major Ether holder, has reduced its Ether purchases.

The firm’s acquisitions dropped significantly from $2.6 billion in July to just $296 million in December. This reduction in Ether purchases reflects broader trends in digital asset treasuries, with many firms scaling back investments.

Despite the slowdown in the wider digital asset space, Bitcoin remains a key focus for institutional investors. Large companies continue to accumulate Bitcoin as part of their long-term strategy. This commitment to Bitcoin is likely to influence its future growth, even as market conditions remain uncertain.