Why corporate purchases of Bitcoin have slowed — and why miners are still hoarding

Corporate adoption of Bitcoin has declined in Q4 2025, with 65% of public companies holding Bitcoin below their purchase prices and facing unrealized losses. As institutional buying wanes, Bitcoin miners emerge as the most resilient hoarders.

This change signals a new phase for corporate Treasuries. Quarterly additions are on track to be at their lowest level in a year. However, miners still have a central role in Bitcoin’s shares in the public market, despite facing operational pressures and declining profitability.

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Demand for corporate Treasuries decreases as market volatility increases

Bitcoin (BTC)’s decline in November was its steepest monthly decline so far this year. The largest cryptocurrency fell 17.67% during the month, pushing many 2025 buyers into the red.

Digital treasure companies are not immune. According to a November enterprise Bitcoin adoption report by Bitcoin Tracers, 65% of public companies with measurable cost bases purchased Bitcoin at prices above current market levels.

This left these Treasury bonds carrying losses that have not yet been realized. The estimate is based on data from a sample of 100 companies.

At the same time, Demand has started to calm down the last few months. The report noted that public Bitcoin bonds collectively held more than 12,600 BTC in November. The main carriers were, Including strategic and Strive, accounted for most of the net additions.

However, monthly purchases offset about 1,800 BTC of those purchases, reducing the net addition to about 10,800 BTC.

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Several companies have reduced their exposure to Bitcoin Until November 2025. At least five companies reported net sales, driven by budget management and strategic considerations:

• Sycuan Communications sold almost a third His bitcoin reserves, where he liquidated about 970 bitcoins worth about $100 million, to reduce his obligations in the convertible debt.
• Gentilmente MD deployed 367 bitcoins in strategic investments, including stakes in bitcoin-focused companies.
• Genius Group sold 62 BTC to strengthen its cash position to meet specific operational needs, then bought 42 BTC in early December.

“In general, while the ‘summer buying mania’ has clearly subsided, the demand has not disappeared. Rather, public companies seem to return to character at a slower and more selective pace while digesting recent acquisitions and reassessing risks.” books Pete Rizzo.

The report predicts that BTC additions in Q4 2025 will reach or slightly exceed 40,000 BTC by the end of December, making it the weakest quarter of the year and broadly consistent with accumulation levels last seen in Q3 2024.

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“This estimate is based on the last two months and the fact that the Strategy has already added more than 10,000 BTC until the beginning of December – which puts the Q4 purchase within 5,000 BTC of the expected goal until December 9.

Miners emerge as strategic companies

With the decrease in the purchase of Treasury bonds, It can lead miners Bitcoin is the next stage of corporate adoption. The report noted that mining companies are the basis for Bitcoin holdings in the public market. They accounted for about 5% of new additions in November and 12% of the total Bitcoin balance of public companies.

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That month, Kangu and Riot added 508 and 37 BTC of mining. US Bitcoin added 139 BTC. With the number of corporate buyers decreasing, US shares Canggu and Bitcoin had two of the five biggest increases in general Treasuries during the month.

“Some mining companies that generate their own Bitcoin can pay lower energy and operating costs compared to the purchase of Bitcoin from the market, which could be a key factor in the continued growth of this sector. Since miners can acquire Bitcoin at an effective discount to the market’s spot markets via the production of blocks, their budgets can become more important in supporting corporate adoption, especially if other Treasuries stop working or buy slowly,” Rizzo.

This comes at a time when the mining economy remains under pressure despite modest technical ease. Hashprice indicator, that is calibre For earnings per terahash per second, it has decreased since July, reaching a minimum of $34.8 at the end of November.

However, the price rose to about $39.4. as well as decrease Mining difficulties increased to 148.2 trillion, from a record of 155.97 trillion six weeks ago. This provides some relief to workers with tight margins.

Although network conditions are slightly improved,… Profitability challenges It still stops. Average cash cost per Bitcoin was $74,600, and the all-in costs were $137,800.