Largest Companies Increase BTC Holdings Despite Declining New Treasury Adoption
Bitcoin treasury growth has slowed sharply in the fourth quarter of 2025, even as the biggest corporate holders continue expanding their reserves. New on-chain data shows a significant drop in fresh adopters, yet the largest firms remain committed to long-term Bitcoin accumulation.
According to CryptoQuant only nine new companies added Bitcoin to their balance sheets during Q4, down from 53 in the previous quarter. Although 117 companies adopted BTC in 2025, most hold relatively small allocations. Several firms paused purchases entirely, including Japan’s Metaplanet, which has not added BTC for more than two months.
Some companies are even trimming positions. U.K.-based Satsuma Technology sold 579 BTC—worth about $53 millio leaving it with 620 BTC as part of a liquidity strategy.
Despite the slowdown among smaller entities, major corporate buyers continue to expand their treasuries. Strategy, the largest public Bitcoin holder made a single $962 million purchase, its biggest buy since July, placing it within $500 million of its 2024 total.
Public companies now hold over 1 million BTC, or 4.7% of total supply, while spot Bitcoin ETFs control an additional 1.49 million BTC, representing 7% of circulating supply.
The cooling trend extends beyond Bitcoin. Ripple-backed Evernorth Holdings has halted acquisitions, while Ether treasury purchases have plunged. Corporate ETH investments fell 81% in three months, signaling a broader retreat from aggressive digital-asset accumulation.
The data suggests a maturing market: slower adoption overall but continued conviction from the largest institutional players.
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