The adoption of Bitcoin by companies in Q4 2025 is slowing down, with 65% of public companies holding BTC below their purchase prices and experiencing unrealized losses. As corporate buying slows down, Bitcoin miners have become the strongest accumulators.
This change signals a new phase for the cash reserves of companies. As a result, quarterly BTC additions are trending towards a yearly low. However, miners continue to play a crucial role in holding BTC in the stock market, even as they face pressure and declining profitability.
Corporate treasury demand has decreased amid increasing market volatility.
The decline of Bitcoin (BTC) in November marks the most severe monthly drop of the year, with the top crypto falling 17.67% over the month, causing many buyers in 2025 to incur losses.
Digital asset management companies were not spared from this situation. According to the November Corporate Bitcoin Adoption report from Bitcoin Treasuries, 65% of public companies with a clear cost basis for buying Bitcoin purchased it at prices above the current market price.
This has left these companies with unrealized losses, with this figure derived from assessing data from 100 companies.
Meanwhile, demand has started to decline over the past few months. Reports indicate that the Bitcoin reserves of public companies purchased more than 12,600 coins in November, with major holders like Strategy and Strive accounting for a significant portion of net accumulation.
But monthly sell-offs accounted for nearly 1,800 BTC of those purchases, resulting in a net accumulation drop to around 10,800 BTC.
Several companies reduced their Bitcoin holdings in November 2025, with at least five companies having net sales due to balance sheet management and strategy adjustments.
Sequans Communications sold nearly one-third of its Bitcoin reserves, selling about 970 BTC worth around 100 million USD to pay off convertible debt.
Kindly MD invested 367 BTC in strategic projects, including purchasing shares in Bitcoin-focused companies.
Genius Group sold 62 BTC to enhance liquidity for its roadmap and repurchased 42 BTC in early December.
Overall, even though speculative buying trends during the summer have clearly slowed down, demand has not disappeared. Public companies are adjusting to a slower and more selective pace as they navigate recent purchases and reassess risks, as noted by Pete Rizzo.
Reports predict that Bitcoin accumulation in Q4 2025 will reach or exceed 40,000 BTC by the end of December, marking the weakest quarter of the year and nearing accumulation levels in Q3 2024.
This assessment is based on the last two months and the fact that Strategy has added over 10,000 coins since early December — with Q4 purchases falling short of projected targets by about 5,000 BTC as of December 9.
As the treasury fund purchases began to slow down, Bitcoin miners may drive the next wave of adoption in the business sector. Reports indicate that mining companies play a key role in holding BTC for publicly traded companies, accounting for about 5% of new BTC additions in November and representing 12% of total BTC holdings among all public companies.
In that month, Cango and Riot increased the amount of BTC from mining by 508 and 37 coins, respectively. Meanwhile, American Bitcoin added another 139 BTC with fewer corporate investors. Cango and American Bitcoin thus became the two companies that added the most BTC to public funds among the top five that month.
Some mining companies that create Bitcoin themselves may have lower energy and operational costs than purchasing BTC through the market, which could be a significant driving factor for this group to continue growing. Miners can acquire BTC at lower prices than market rates by producing blocks, so their financial statements may become increasingly important in supporting adoption in the corporate sector, especially if other treasury funds stop or slow their purchases.
Meanwhile, the economics of mining continue to face pressure, even with only minor technical adjustments. The Hashprice index, which measures income per terahash per second per day, has declined since July, reaching a low of 34.8 USD by the end of November.
However, at this time, the index has rebounded to about 39.4 USD, and mining difficulty has decreased to 148.2 trillion, down from an all-time high of 155.97 trillion six weeks ago, providing some relief to miners facing tight margins.
Even though network conditions have improved slightly, profit challenges persist. The average cash cost per BTC stands at 74,600 USD, and total costs have reached 137,800 USD.
