Bitcoin Treasury Trend Fades as New Firms Drop from 22 in July to 3 in November

The ongoing Bitcoin (BTC) downturn has now started weighing heavily on corporate Bitcoin treasury activity as 2025 winds down. 

For context, Bitcoin has struggled ever since it hit its all-time high of $126,272 in October. From this peak, the premier crypto asset has fallen by more than 28% to its current value of $90,166. 

Notably, BTC closed October in the red and then dropped another 17.5% in November, marking its steepest monthly loss since February. With December also starting off weak, Bitcoin is on track for its first three-month losing streak since the Terra collapse in May 2022. 

Decline in New Bitcoin Treasury Firms

This extended slide has carried over into the treasury space, and CryptoQuant now reports that corporate enthusiasm for holding Bitcoin has cooled as accumulation slows.

According to CryptoQuant, a total of 117 companies added Bitcoin to their balance sheets in 2025, but the pace no longer matches earlier levels. The number of new companies reached its high point in July, but quarterly data shows the trend built up and then faded.

Specifically, companies added 16 new treasuries in the first quarter, 39 in the second quarter, and 53 in the third, but only nine so far in the fourth quarter. CryptoQuant linked this slowdown to weakening adoption as the year approaches its close.

Notably, monthly data shows the same trend. The year began with only two new Bitcoin treasury firms in January, then activity picked up until it peaked at 22 in July. After that, the numbers moved down in line with Bitcoin’s price struggles. August saw 16 new firms, September saw nine, October saw six, and November saw only three.

Strategy, BitMine Maintain Accumulation While Others Go Silent

Even with the overall increase in 2025, most treasury companies still hold modest amounts of Bitcoin. A large share manages fewer than 500 BTC, while smaller groups hold between 500 and 999 BTC. Only four companies hold between 1,500 and 2,000 BTC. Meanwhile, Strategy stands far apart from everyone else with a massive 660,624 BTC.

CryptoQuant found that Strategy’s buying activity remains strong enough to nearly match last year’s pace. The company purchased $21.48 billion worth of BTC in 2025, coming within $500 million of the $21.97 billion it bought in 2024. 

As Strategy continues to add to its position, Bitmine, the main Ethereum treasury company, also keeps buying, although its activity has slowed sharply. Bitmine purchased $2.6 billion worth of ETH in July, then $4.3 billion in August, $3.47 billion in September, $892 million in November, and $296 million in December, showing a month-to-month drop.

While Strategy and Bitmine continue to buy, others have gone quiet. Metaplanet has not added any Bitcoin for more than two months, and Evernorth, which focuses on XRP, last made a $950 million purchase but has stayed inactive for about a month and a half.

Data from Bitcointreasuries.net shows Strategy maintaining its strong lead with 660,624 BTC valued at $59.56 billion as 2025 draws to a close. MARA Holdings remains in second place with 53,250 BTC worth $4.82 billion and has not added to its holdings since its 400 BTC purchase in mid-October.