TLDR:
- Q4 2025 saw a sharp slowdown in new Bitcoin Treasury companies joining the market.
- Most 2025 entrants hold under 500 BTC, with only a few accumulating larger positions.
- MicroStrategy remains the top holder with 660,624 BTC, far exceeding all other firms.
- Strategy and Bitmine continue buying, while several companies have paused BTC accumulation.
Bitcoin Treasury Growth surged earlier in 2025 as companies increased their digital-asset exposure.
Yet the strong momentum that drove corporate activity through mid-year has now eased. Q4 shows the sharpest slowdown, creating fresh questions about whether institutional demand will return in 2026.
CryptoQuant reported that 117 companies added BTC to their balance sheets this year. However, recent data signals a cooling trend, with far fewer firms entering the market compared to the earlier months of the year.
Corporate Additions Decline as Year-End Approaches
CryptoQuant’s threadt on X revealed the quarterly breakdown of new Bitcoin Treasury companies. Q1 recorded 16 additions, followed by 39 in Q2.
Activity reached its highest level in Q3 with 53 companies joining. In contrast, Q4 has only added 9 so far, marking the lowest quarterly figure of 2025.
Most of the companies that entered the market this year maintain relatively small BTC positions. Data shows 147 firms hold under 500 BTC.
Another 15 hold between 500 and 999 BTC. A further 14 have positions of 1,000–1,499 BTC, while four companies hold between 1,500 and 2,000 BTC.
MicroStrategy remains in a league of its own with 660,624 BTC. Strategy’s accumulation pace continues, with $21.48 billion worth of BTC purchased in 2025.
The company is close to matching its 2024 total of $21.97 billion.
Key Buyers Continue Accumulating While Others Pause
Strategy’s steady purchasing stands in contrast to the slowdown seen across smaller corporate holders. The firm remains a major source of demand as other companies reduce activity or halt additions.
Bitmine has also been active but shows a clear downward trend in monthly purchases. The company acquired $2.6 billion worth of BTC in July.
August saw $4.3 billion in purchases, followed by $3.47 billion in September. Buying slowed further in October at $2.39 billion, then dropped to $892 million in November and $296 million in December.
Several firms that were active earlier in the year have paused their accumulation. CryptoQuant’s update noted that Metaplanet has not added BTC for more than two months.
Evernorth made a $950 million acquisition but has remained inactive for about six weeks.
The slowdown in Q4 indicates that the treasury expansion seen in early and mid-2025 has cooled. With the bull run on hold and activity dropping across corporate buyers, attention now shifts to 2026.
CryptoQuant’s report raises the question of whether next year will bring a fresh cycle of institutional demand if market conditions change.
The post Bitcoin Treasury Growth Slows in Q4: Will 2026 Reignite Institutional Demand? appeared first on Blockonomi.
Source: https://blockonomi.com/bitcoin-treasury-growth-slows-in-q4-will-2026-reignite-institutional-demand/
