Bitcoin Treasuries. Companies and governments continued to accumulate Bitcoin (BTC) in October, but at a slower pace. According to a recent report from BitcoinTreasuries.net, these players added fewer bitcoins than in previous months of 2025. But despite this slowdown, total holdings reached a record level, as we will see

⚪️ Institutional appetite for Bitcoin slightly decreases in October

In their latest monthly report published on November 12, analysts from BitcoinTreasuries.net found that institutional entities, whether listed or private, reduced the volume of their Bitcoin purchases during this month of October 2025.

Over the past month, these institutional investors have indeed added 14,400 BTC to their respective treasuries, equivalent to about 1.5 billion dollars at the current price of the king of cryptos. While this amount remains significant, it is well below the 38,000 BTC accumulated in September, and it is even the lowest monthly addition of the year.

Despite this slowdown, total holdings have reached new highs. As of October 31, companies, governments, and ETFs held an impressive total of 4.05 million BTC, representing more than 19% of the fixed and limited supply of 21 million BTC. At the current prices of the leader in crypto-assets, this represents a fabulous treasure of over 425 billion dollars.

⚪️ After accumulating 4 million BTC, more defensive treasury strategies?

This deceleration could reflect a change in strategy. Faced with uncertain market conditions, companies seem to be adopting a more defensive approach. Instead of buying massively, they are focusing on protecting their financial metrics, notably the Bitcoin per share ratio.

Measures such as stock buybacks, rather than recurring purchases of Bitcoin, seem to be favored. These strategies aim to maintain investor confidence and counter the decline in the stock valuations of companies.

Although purchases are slowing down, sales remain very minimal. Throughout the month of October, companies have only sold 39 BTC, according to the BitcoinTreasuries report. This indicates a willingness to HODL (hold long-term) their reserves of the precious cryptocurrency, despite market fluctuations.

The slowdown in Bitcoin purchases by companies and governments does not therefore indicate a disinterest in this digital asset. On the contrary, with total holdings reaching record levels, it seems that these players are adopting a more cautious, long-term strategy in the face of very nervous and volatile financial markets. As funding becomes more difficult to secure, companies prioritize defending their existing positions rather than risking overly aggressive purchases.