Miners’ low-cost BTC acquisition gives them strategic influence as traditional treasury buyers ease accumulation.
Corporate Bitcoin adoption is cooling in the final quarter of 2025, but Bitcoin miners are emerging as the sector best positioned to sustain institutional participation according to new data from BitcoinTreasuries.NET. Treasury companies are expected to purchase just 40,000 BTC in Q4, marking the lowest quarterly total since mid-2024.
While traditional corporate accumulation slows, BitcoinTreasuries.NET President Pete Rizzo said miners are increasingly central to public-market Bitcoin exposure. He noted that mining firms contributed 5% of new additions and 12% of aggregate public company balances in November, underscoring their expanding role.
Because miners acquire Bitcoin through block rewards, they effectively obtain BTC at a discount to market prices an advantage that could make their balance sheets critical for long-term corporate adoption. Rizzo warned that if other treasury buyers continue to pause, miners may become the primary driver of new publicly held Bitcoin.
Today, miners already hold significant reserves. Marathon Digital controls 53,250 BTC, making it the second-largest public holder. Riot Platforms follows with 19,324 BTC, while Hut 8 Mining maintains 13,696 BTC. These holdings place all three firms among the top ten globally.
The fourth quarter has also tested treasury firms. After Bitcoin dipped below $90,000, roughly 65% of corporate buyers now face unrealized losses, prompting risk committees to reassess aggressive 2025 accumulation strategies. While the downturn hasn’t triggered distress it has pushed companies toward more selective, measured Bitcoin acquisition practices.
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