Bitcoin Treasuries Stall In Q4, But Largest Holders Keep Stacking Sats

Bitcoin treasury adoption slowed during the fourth quarter, but the largest firms continued to accumulate BTC, with public companies now holding over 4.7% of the total Bitcoin supply.

Bitcoin treasury adoption slowed sharply in the fourth quarter of 2025, even as the biggest corporate holders continued to quietly add to their stacks while smaller players stepped back.

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.

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.

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, according to a Wednesday announcement.

Related: Bitcoin treads water at $90K as whales eat the Ethereum dip: Finance Redefined

Despite the broader slowdown, some of the largest corporations continue to scoop up more of the Bitcoin supply.

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, according to CryptoQuant.

Source: CoinTelegraph