Why Corporate Bitcoin Buying Is Slowing — and Why Miners Are Still Accumulating

Corporate Bitcoin adoption is decelerating in Q4 2025, with 65% of public companies holding Bitcoin below their purchase prices, resulting in unrealized losses. This slowdown is evidenced by Q4 additions tracking for their lowest level in a year, though net additions in November were around 10,800 BTC after disposals. Some firms, like Sequans Communications, reduced holdings due to debt obligations. According to Pete Rizzo, corporations are adopting a slower, more selective cadence. In contrast, Bitcoin miners are emerging as the key strategic accumulators. Miners accounted for about 5% of new BTC additions in November, anchoring public-market holdings. Miners can acquire BTC at an effective discount through block production, which drives their continued accumulation despite operational pressures and tight margins, such as a Hashprice Index low of $34.8 in late November.

(Source：BeInCrypto)