Q4 2025 Corporate Bitcoin Accumulation Slows: Crypto Mining Companies Are Becoming the New Major Buyers

In Q4 2025, corporate purchasing speed of Bitcoin (BTC) significantly slowed down, with 65% of publicly listed companies currently holding Bitcoin at a price below cost, resulting in unrealized losses. Against the backdrop of more cautious corporate fund management, Bitcoin mining companies are gradually becoming the most stable accumulation force in the open market, laying the foundation for next-phase corporate adoption.

Entering November, Bitcoin’s price recorded the largest monthly decline of the year, dropping 17.67%, causing many corporate investors who accumulated during 2025 to incur losses. According to the latest Bitcoin Treasuries report, over two-thirds of the 100 publicly listed companies in the sample are holding positions with unrealized losses, leading to a cooling market demand.

Despite the overall slowdown in corporate accumulation, over 12,600 BTC were purchased by public institutions in November, while sales offset approximately 1,800 BTC during the same period, reducing net accumulation to about 10,800 BTC, the lowest level in nearly a year. Institutions including Strategy and Strive remain the main contributors to accumulation, but many companies have chosen to reduce holdings due to balance sheet pressures. For example, Sequans Communications sold nearly one-third of its BTC reserves to reduce debt, while Genius Group sold part of its BTC for operational needs and then replenished it.

The report predicts that total new holdings in Q4 2025 will be around 40,000 BTC, making it the weakest quarter of the year, similar to Q3 2024. This indicates that companies are shifting from “rapid accumulation” to a “slowed pace and cautious holding.”

As corporate funds become more conservative, Bitcoin miners are actually increasing their presence in the market. The report shows that miners accounted for 5% of the net new holdings in November and hold 12% of the total BTC holdings of listed companies. Cango and American Bitcoin both ranked among the top five accumulators for the month, with Cango gaining 508 BTC through mining and American Bitcoin acquiring 139 BTC. Since mining costs are lower than the open market purchase costs under certain conditions, miners currently have a relative advantage.

Although the hash price index has been declining since July, it recently rebounded from $34.8 to about $39.4, and mining difficulty has also dropped from its all-time high, providing miners with some profit buffers. However, the average cash cost per Bitcoin remains as high as $74,600, with total costs reaching $137,800, indicating ongoing industry pressure.

In this market phase where corporate buying weakens, crypto mining companies are gradually taking on a role in supporting market liquidity, becoming an important part of Bitcoin’s long-term structural demand.