Bitcoin treasuries stall in Q4, but largest holders keep stacking sats

Bitcoin treasury adoption sharply declined in the fourth quarter of 2025, with only nine new companies adding BTC compared to 53 in Q3, according to CryptoQuant. While most Bitcoin treasury companies hold relatively small amounts, the largest corporate holders, like Strategy, continued quiet accumulation, with Strategy making a significant purchase in December. Conversely, some firms paused buying, such as Japan's Metaplanet, and others, like Satsuma Technology, sold portions of their holdings. The slowdown also affected Digital Asset Treasury (DAT) acquisitions, with Ether treasury investments falling by 81% in the last three months of 2025.

(Source：Cointelegraph)