Q4 Bitcoin Stalls, but Giants Keep Stacking Sats!

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Ah, the grand ballet of Bitcoin treasuries! In Q4 2025, the dance slowed, yet the titans of industry, with their pockets deep as the Mariana Trench, continue their silent waltz of accumulation, while the smaller players, like overambitious dancers, step back with a sigh. 🕺💸

The number of new Bitcoin (BTC) treasury companies declined from its peak of 53 new companies in the third quarter to just nine companies adding Bitcoin to their balance sheet in the fourth quarter of 2025 so far, with a total of 117 new companies adopting Bitcoin this year, according to blockchain data platform CryptoQuant. 📉📈

“Despite the growth in numbers during 2025, most Bitcoin Treasury companies hold relatively small amounts,” CryptoQuant wrote in a Thursday X post. A drop in the ocean, indeed. 🌊💧

Still, the accumulation data shows that the most well-funded corporate treasuries continue to scoop up the Bitcoin supply despite a decline in buying by smaller companies and retail participants. 🐉💰

Some Bitcoin treasury firms have stopped accumulating this quarter. Japanese investment company Metaplanet, for instance, hasn’t purchased any Bitcoin in over two months. Perhaps meditating on the virtues of fiat? 🇯🇵💤

Some companies are even selling their Bitcoin stacks. United Kingdom-based, Bitcoin-focused tech company Satsuma Technology sold 579 Bitcoin for around $53 million, leaving the company with 620 Bitcoin on its balance sheet. A strategic move, or perhaps a prelude to a larger scheme? 🤔💸

Largest corporate holders continue their quiet Bitcoin accumulation

Despite the broader slowdown, some of the largest corporations continue to scoop up more of the Bitcoin supply. A tale of two eras, if you will. 🏆📈

Strategy, the largest corporate Bitcoin holder, purchased $962 million of BTC on Monday, in its biggest purchase since July. The company is now just $500 million shy of matching the $21.97 billion worth of Bitcoin it acquired in 2024. A race against time, perhaps? ⏳💰

Over 1 million Bitcoin worth $90.2 billion is already held in public company treasuries, representing 4.7% of the total supply. A true testament to the power of corporate faith. 🏦🏛️

An additional 1.49 million Bitcoin, or 7% of the supply, is held by spot Bitcoin exchange-traded funds. A modern-day alchemy, if you will. 🧪💰

DATs slow crypto purchases as Ether treasury investments fall 81%

Digital asset treasury (DAT) acquisitions are also slowing down. Ripple-backed Evernorth Holdings has been inactive since the end of October, when it acquired $950 million XRP (XRP) tokens. A tale of two halves, perhaps? 🧠💸

Evernorth’s XRP holdings were facing nearly $80 million in unrealized losses weeks after the purchases amid the market decline and growing pressure on DATs. With $80M in unrealized losses, Evernorth’s XRP holdings are as troubled as a Parisian in a rainstorm. 🌧️📉

BitMine Immersion Technologies, the largest corporate Ether (ETH) holder, has also slowed its Ether acquisitions in recent months from a peak of $2.6 billion in July to just $296 million of ETH in December. A lesson in moderation, or a strategic retreat? 🚶‍♂️📉

Cumulative investments from Ether treasury firms fell by 81% in the past three months, from 1.97 million ETH acquired in August to 370,000 ETH in November. A numbers game that even Molière might find amusing. 🎲📉

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2025-12-11 18:11