Bitcoin treasury adoption slows in Q4 as major corporate holders continue accumulating

TL;DR

• Corporate Bitcoin purchases fell sharply in Q4 2025, down to 9 from 53 companies.
• Public companies and ETFs collectively hold over 11.7% of Bitcoin’s total supply.
• Major firms like Strategy continue large acquisitions, while others pause or sell.

Data from CryptoQuant shows a sharp slowdown in Bitcoin adoption by corporate treasuries during the fourth quarter of 2025. Nine companies added BTC to their balance sheets in the period, compared with 53 in the previous quarter.

The yearly total stands at 117 firms, though most hold relatively small allocations compared with the largest public holders.

Some treasury programs have paused activity. Metaplanet has not purchased BTC for more than two months, and Satsuma Technology confirmed the sale of 579 BTC for roughly 53 million dollars, leaving 620 BTC on its books.

Despite reduced participation from smaller players, well-funded corporations continue to expand their holdings. Strategy acquired 962 million dollars in Bitcoin, its largest purchase since July, and is now 500 million dollars away from matching its 2024 accumulation.

According to BitcoinTreasuries.NET, more than 1 million BTC are held by public companies, equal to 4.7% of the total supply. Spot Bitcoin ETFs hold an additional 1.49 million BTC, representing about 7% of supply. Meanwhile, digital asset treasury activity is decreasing, with Ether acquisitions falling 81% over the past three months as corporate buyers scale back purchases.