Corporate adoption of Bitcoin is slowing down in the fourth quarter of 2025. Now, 65% of publicly listed companies hold BTC at lower value than their purchase price. Thus, they have unrealized losses. As the wave of corporate purchases decreases, Bitcoin miners show that they are the most resilient collectors.
This change marks a new phase for corporate treasuries. Quarterly additions appear to be the lowest in a year. However, miners continue to play a central role in BTC holdings on the exchange, despite rising costs and decreasing profitability.
Corporate treasury demand is decreasing as market volatility increases.
Bitcoin (BTC) fell sharply in November, recording the largest monthly drop of the year. The largest cryptocurrency dropped by 17.67% during the month, resulting in many who bought in 2025 ending up at a loss.
Companies with digital assets also did not escape. According to the November Corporate Bitcoin Adoption report from Bitcoin Treasuries, 65% of public companies purchased Bitcoin at higher prices than today's market value.
This leads to these corporate treasuries having unrealized losses. The report bases its assumptions on data from 100 companies.
At the same time, demand has also cooled in recent months. The report shows that publicly traded companies collectively purchased over 12,600 BTC in November. Major holders like Strategy and Strive accounted for the majority of net additions.
But sales during the month removed about 1,800 BTC from these purchases, so the net addition landed around 10,800 BTC.
Several companies reduced their Bitcoin exposure in November 2025. At least five companies reported net sales, often depending on balance sheet and strategic decisions:
Sequans Communications sold nearly a third of its Bitcoin holdings, about 970 BTC valued at around 100 million USD, to reduce its convertible debt.
Kindly MD invested 367 BTC in strategic investments, including in companies focused on Bitcoin.
Genius Group sold 62 BTC to strengthen its liquidity for certain needs, and then bought back 42 BTC in early December.
”Overall, the summer buying rush has clearly subsided, but demand has not disappeared. Public companies are finding a calmer and more selective pace as they process their recent purchases and reassess risk,” wrote Pete Rizzo.
The report predicts that Bitcoin additions in the fourth quarter of 2025 will reach or slightly exceed 40,000 BTC by the end of December. This would make the quarter the weakest of the year and resemble levels from the third quarter of 2024.
”This calculation is based on the last two months and that Strategy has already added over 10,000 BTC at the beginning of December. Thus, the Q4 purchases are only 5,000 BTC away from the target as of December 9.”
As corporate purchases decline, Bitcoin miners could lead the next wave of corporate adoption. The report indicates that mining companies account for a stable foundation in the exchange's BTC holdings. They accounted for about 5% of new purchases in November and 12% of all BTC owned by public companies.
In November, Cango and Riot added 508 and 37 BTC from mining, respectively. American Bitcoin contributed 139 BTC. With fewer corporate buyers, Cango and American Bitcoin managed to secure two of the month's five largest increases in corporate treasuries.
”Some mining companies that create their own Bitcoin often pay less for energy and operations than if they were to buy BTC on the market. Therefore, this could be the most important driver for the segment's continued growth. Since miners can obtain BTC cheaper than market price through block production, their cash reserves could become increasingly important for corporate adoption – especially if other companies pause or reduce their purchases,” says Rizzo.
This is relevant as the mining economy remains pressured, even though some technical relief has come. The Hashprice Index, a measure of revenue per terahash and second per day, has fallen since July and reached 34.8 USD at the end of November.
Still, the index has risen back to around 39.4 USD. Mining difficulty has also softened to 148.2 trillion, down from a record 155.97 trillion six weeks ago. This provides some breathing room for miners with squeezed margins.
Although network conditions have improved somewhat, challenges regarding profitability remain. The average cost per BTC was 74,600 USD, and the total cost has reached 137,800 USD.
