The pace of corporate Bitcoin adoption is slowing in the fourth quarter of 2025. Currently, 65% of public companies hold BTC at prices below their acquisition levels, leading to unrealized losses. Against the backdrop of a weakening wave of corporate purchases, Bitcoin miners are accumulating coins more actively than other market participants.
The change indicates the onset of a new phase for corporate crypto investors. Quarterly reserve additions are moving towards their lowest level of the year. However, miners continue to play a central role in the structure of public BTC holders, despite operational pressure and declining profitability.
Corporate reserves are incurring losses
The November drop in Bitcoin (BTC) price was the sharpest monthly decline of the current year. The leading cryptocurrency lost 17.67% of its value in the month, resulting in many investors who made purchases in 2025 ending up in the loss zone.
Companies managing crypto reserves were no exception. According to the November report "Corporate Bitcoin Adoption" from Bitcoin Treasuries, 65% of public companies purchased Bitcoin at prices exceeding current levels. This led to the realization of unrealized losses on corporate balance sheets. The estimate is based on a sample of 100 companies.
Demand for crypto has weakened. The report states that public Bitcoin investors collectively purchased over 12,600 BTC in November. The bulk of the net inflow came from major players, including Strategy and Strive.
Monthly sales compensated for approximately 1,800 BTC from these purchases, reducing net additions to about 10,800 BTC.
A number of firms reduced their exposure to Bitcoin during November 2025. At least five companies reported net sales driven by balance management and strategic considerations:
Sequans Communications sold almost a third of its reserves, realizing about 970 BTC worth approximately $100 million to reduce obligations on convertible bonds.
Kindly MD allocated 367 BTC for strategic investments, including stakes in Bitcoin-focused companies.
Genius Group sold 62 BTC to strengthen its position for specific operational needs and then repurchased 42 BTC in early December.
Although the "summer rush" in purchases has evidently weakened, demand has not disappeared. Rather, public corporations seem to be normalizing their approach, shifting to a slower and more selective pace as they contemplate recent acquisitions and reassess risks, wrote Pete Rizzo from BitcoinTreasuries.
According to the forecast in the report, Bitcoin reserve additions in the fourth quarter of 2025 are expected to reach or slightly exceed 40,000 BTC by the end of December. This outcome will make it the weakest quarter of the year and generally align with accumulation levels observed in the third quarter of 2024.
This estimate is based on data from the last two months and on the fact that Strategy has already purchased over 10,000 BTC as of early December. Thus, only 5,000 BTC remain to reach the projected figure for the fourth quarter.
As corporate treasury purchases weaken, Bitcoin miners may lead the next phase of corporate cryptocurrency adoption. In November, they accounted for about 5% of additions and 12% of the total Bitcoin balance of public companies.
In the month, Cango and Riot added 508 and 37 BTC respectively through mining. American Bitcoin replenished its reserves by 139 BTC. Amidst the weakening of corporate buyers, Cango and American Bitcoin accounted for two of the five largest crypto reserve additions for the month.
Some mining companies that generate Bitcoin on their own may incur lower energy and operational costs than if they purchased BTC on the market, which could be a key growth factor in this segment. As miners can acquire BTC at an effective discount to spot markets through block rewards, their balances may become increasingly important for supporting corporate adoption, especially if other treasuries pause or slow down purchases, Rizzo added.
These processes are occurring at a time when the mining economy remains under pressure. The Hashprice index, a measure of revenue per terahash per second per day, has been declining since July. A low of $34.8 was recorded at the end of November. Afterwards, the index recovered to approximately $39.4.
Mining difficulty decreased to 148.2 trillion, retreating from a record high of 155.97 trillion recorded six weeks ago. This provides some relief to miners struggling with low margins.
Although conditions in the network have slightly improved, profitability issues persist. The average cost of one BTC was $74,600, while the total cost reached $137,800.
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