Bitcoin treasury adoption slowed in Q4 2025, with only 9 new companies adding BTC to their balance sheet, down from 53 in Q3. Most companies hold small amounts. Larger corporate holders continue to accumulate Bitcoin despite smaller players stepping back and some selling off their stacks.

Strategy, the largest corporate Bitcoin holder, purchased $962 million worth of BTC on Monday, nearing its $21.97 billion acquisition in 2024. Over 1 million Bitcoin worth $90.2 billion is held in public company treasuries, representing 4.7% of the total supply, with an additional 1.49 million Bitcoin held by exchange-traded funds.

DAT acquisitions are slowing down, with Evernorth Holdings inactive since October after acquiring $950 million XRP. Evernorth faced nearly $80 million in unrealized losses on XRP holdings amid market decline. BitMine Immersion Technologies, the largest corporate ETH holder, slowed Ether acquisitions from $2.6 billion in July to $296 million in December.

Read more at Cointelegraph: Bitcoin Treasuries Stall in Q4, Biggest Companies Keep Buying