Bitcoin treasury adoption slowed during the fourth quarter, but the biggest companies continued to accumulate, with public companies 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 as 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 adding Bitcoin to their balance sheets 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.
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