Mining Firms Become Consistent Bitcoin Accumulators as Treasury Acquisitions Drop in Q4

Corporate Bitcoin Adoption Decline: In Q4 2025, Bitcoin adoption among public companies has sharply declined, with 65% holding BTC below their purchase prices. November saw a net addition of only 10,800 BTC, significantly lower than previous peaks, as many firms reassess their investments amid market downturns.

Mining Companies as Key Accumulators: Bitcoin miners have become the most consistent accumulators of BTC, contributing to about 5% of November's additions. Companies like Cango and Riot have increased their holdings, benefiting from lower operational costs compared to market purchases.

Market Pressures and Losses: The decline in Bitcoin's value, with a 17.67% drop in November, has pushed many corporate holders into unrealized losses, prompting at least five firms to reduce their exposure. The overall sentiment indicates a more cautious approach to future investments.

Mining Economics and Costs: Despite some relief in mining difficulty and a slight rebound in the Hashprice Index, mining economics remain challenging, with average cash costs per BTC at $74,600 and all-in costs reaching $137,800, impacting the profitability of mining operations.