The pace of corporate Bitcoin adoption is slowing in Q4 2025. Currently, 65% of listed companies hold Bitcoin at prices lower than their purchase prices, experiencing unrealized losses. As institutional buying pressure weakens, Bitcoin miners are emerging as the most resilient accumulation entities.
These changes are signaling a new phase in corporate capital management. Quarterly additional purchase volumes are expected to record the lowest level in a year. Nevertheless, miners are maintaining a central role in listed companies' Bitcoin holdings despite operational burdens and declining profitability.
Market volatility is increasing… Corporate capital demand is decreasing.
Bitcoin (BTC) recorded the largest monthly drop of the year in November. The price of the largest cryptocurrency fell by 17.67% over the month, pushing many buyers in 2025 into loss territory.
Digital asset management companies were no exception. According to the November corporate Bitcoin adoption report published by Bitcoin Treasuries, 65% of listed companies with measurable cost bases purchased Bitcoin at prices higher than the current market rate.
As a result, these companies are facing unrealized losses. This estimate is based on sample data from 100 companies.
Meanwhile, demand has cooled off in recent months. The report states that listed companies added more than 12,600 BTC in total during the month of November. Major holding companies like Strategy and Strive accounted for most of the net purchases.
However, the monthly sell-off of about 1,800 BTC offset this, resulting in a net increase of approximately 10,800 BTC.
Several companies reduced their Bitcoin positions in November 2025. At least five companies reported net selling, a decision based on financial health management and strategy:
Sequence Communications sold about one-third of its Bitcoin holdings, disposing of approximately 970 BTC, worth about $100 million, to reduce convertible bond debt.
Kindly MD used 367 BTC for strategic investments in Bitcoin-centric company shares.
Genius Group sold 62 BTC to strengthen cash for specific business operations and then repurchased 42 BTC in early December.
Overall, the summer's 'buying frenzy' has certainly calmed down, but demand has not completely disappeared. Rather, listed companies are showing a slow and selective normalization of buying speed as they digest their recent purchases and reassess risk levels.” – Pete Rizzo said.
The report estimates that Bitcoin's additional purchases in Q4 2025 will reach up to 40,000 BTC by the end of December. This marks the lowest quarterly record of the year, similar to the accumulation scale of Q3 2024.
“This figure is based on data from the past two months, and as of early December, Strategy has already purchased over 10,000 BTC more. As of December 9, Q4 purchase performance is expected to fall within 5,000 BTC of the target.”
As corporate buying pressure wanes, Bitcoin miners are expected to lead the next phase. According to the report, mining companies play a pivotal role in the Bitcoin holdings of listed companies, accounting for about 5% of new holdings in November and 12% of total holdings among listed companies.
In that month, Kango and Riot mined an additional 508 BTC and 37 BTC, respectively. American Bitcoin contributed 139 BTC. In the context of weakened institutional buying pressure, Kango and American Bitcoin ranked among the top 5 for increases in listed companies' holdings in November.
“Some companies that mine Bitcoin themselves may incur less energy and operational costs than when buying BTC on the market. This could be a key driving factor for continued growth in this field. Miners can secure BTC more effectively and affordably than the spot market through block production, making their financial statements a more significant factor in supporting corporate adoption when other corporate capital management slows or delays purchases.” – Rizzo reported.
This phenomenon occurs despite technical factors that have eased mining economics, indicating that miners are still facing burdens. The hash price index, which measures daily returns based on 1 terahash per second, has continued its downward trend since July, reaching a low of $34.8 by the end of November.
However, it has rebounded to around $39.4. Mining difficulty has also eased to 148.2 trillion, a decline from the peak of 155.97 trillion recorded six weeks ago. This has somewhat relieved miners struggling with deteriorating profitability.
The network environment has slightly improved, but the profitability crisis continues. The average cash cost per BTC was $74,600, with total costs reaching $137,800.
