Bitcoin Treasury Adoption Declines After July's Peak: What’s Behind the Change?
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 11 2025
0mins
Source: Benzinga
Corporate Adoption of Bitcoin: The number of companies adopting Bitcoin has increased, with 117 new firms in 2025, but the monthly adoption rate has slowed significantly, especially in Q4 where only 9 companies have added BTC so far.
Key Players and Trends: MicroStrategy continues to lead in Bitcoin purchases, matching last year's totals with $21.48 billion in BTC, while other companies like BitMine Immersion Technologies have seen a sharp decline in monthly buys.
Market Scrutiny: The slowdown in corporate Bitcoin adoption comes amid scrutiny of digital asset treasury companies due to falling crypto prices, raising concerns about potential speculative bubbles.
Debate on Index Inclusion: Strategy Inc. is opposing MSCI's proposal to exclude companies with significant digital assets from global indexes, arguing it could hinder innovation in the sector, highlighted by the recent NYSE debut of Twenty-One Capital.
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Analyst Views on MSTR
Wall Street analysts forecast MSTR stock price to rise
14 Analyst Rating
12 Buy
2 Hold
0 Sell
Strong Buy
Current: 120.150
Low
229.00
Averages
453.17
High
705.00
Current: 120.150
Low
229.00
Averages
453.17
High
705.00
About MSTR
Strategy Inc. is a bitcoin treasury and business intelligence company. The Company provides cloud-native, artificial intelligence (AI)-powered enterprise analytics software to thousands of global customers. Its Software Business segment is engaged in the design, development, marketing, and sales of enterprise analytics software platform through cloud subscriptions and licensing arrangements and related services. Its Strategy ONE platform provides access to AI-powered workflows, unlimited data sources, cloud-native technologies, and performance to speed up time from data to action. Strategy One delivers visualization, reporting, and embedded analytics capabilities across retail, banking, technology, manufacturing, insurance, consulting, healthcare, public sector, and others. Its Strategy Mosaic is a universal intelligence layer that provides enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- IPO Market Pressure: SpaceX is set to debut on Nasdaq with a record $75 billion raise, valuing the company at nearly $1.75 trillion, which will compel investors to liquidate assets, particularly in the crypto sector.
- Bitcoin Depreciation: Bitcoin has lost about 50% of its value since October 2025, with a 21% drop in the last 30 days, indicating a lack of confidence in crypto assets, which may exacerbate capital outflows.
- Liquidity Shift: The crypto market is viewed as a 'funding currency' due to its 24/7 trading nature, allowing rapid capital movement, and the upcoming IPO season may intensify selling pressure on crypto assets.
- Uncertain Future Outlook: While some funds may rotate back into Bitcoin or Ethereum post-SpaceX IPO, the overall preference for cryptocurrencies has significantly diminished, prompting investors to approach the forthcoming IPO wave with caution.
See More
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- Successful SpaceX IPO: SpaceX's historic IPO raised $75 billion, achieving a market capitalization of approximately $2.1 trillion, with shares surging 19% on the first trading day, reflecting strong market confidence in its future growth potential.
- CEO's Optimistic Outlook: CEO Elon Musk stated that SpaceX could reach $1 trillion in annual revenue by 2030, significantly exceeding Wall Street's current projection of around $330 billion, indicating that achieving this target would require over a 50-fold increase in sales over five years, showcasing the market's optimism about long-term opportunities.
- Crypto Stocks Rally: Strategy (MSTR) and other crypto-linked stocks rose by 6% as Bitcoin rebounded to $66,000, reflecting renewed investor appetite for risk assets following the U.S.-Iran peace agreement, which eased geopolitical concerns.
- Ferrari's Stock Recovery: Morgan Stanley upgraded Ferrari (RACE) from Equal Weight to Overweight, raising its price target from €330 to €380, citing stabilizing residual values for key hybrid models and suggesting that the market has been overly pessimistic about Ferrari's growth and brand strength.
See More
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- Price Decline: Bitcoin's price has dropped nearly 40% over the past year due to concerns over interest rate hikes and macroeconomic pressures, leading to doubts about its safety, even as its market cap remains at $1.3 trillion.
- Mining Mechanism: Utilizing an energy-intensive proof-of-work consensus, over 20 million of Bitcoin's maximum supply of 21 million tokens have been mined, with the latest halving scheduled for 2024, enhancing its scarcity and making it comparable to gold.
- Institutional Interest: A growing number of institutional, corporate, and government investors view Bitcoin as a hedge against inflation, with the SEC approving the first Bitcoin spot ETFs in 2024, facilitating easier access for retail and institutional investors.
- Future Expectations: Despite Bitcoin's underperformance over the past year, failing to keep pace with gold, proponents like Michael Saylor predict its price could soar to $21 million by 2046, reflecting confidence in its long-term value.
See More
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- Market Performance Analysis: Bitcoin, with a market cap of $1.3 trillion, has lost nearly 40% of its value over the past year, indicating that investors are shifting towards more conservative assets due to rising interest rates and macroeconomic pressures, challenging its status as a safe asset.
- Scarcity and Mining Mechanism: Utilizing an energy-intensive proof-of-work mechanism, over 20 million of Bitcoin's 21 million tokens have been mined, with the upcoming halving in 2024 expected to halve mining rewards, enhancing its scarcity and making it more comparable to gold than other cryptocurrencies.
- Institutional Investor Interest: The SEC's approval of Bitcoin spot ETFs in 2024 has led to increased interest from institutional, corporate, and government investors who view Bitcoin as a hedge against inflation, potentially driving up demand and prices.
- Future Price Expectations: Despite Bitcoin's poor performance over the past year, proponents like Michael Saylor predict its price could reach $21 million by 2046, suggesting that institutional investors may ramp up purchases as the U.S. dollar declines.
See More
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- Introduction of New Metrics: Michael Saylor of Strategy has introduced two new metrics, BPS and CEBE BPS, to evaluate whether a Bitcoin treasury company can outperform Bitcoin itself, with BPS indicating Bitcoin per share and CEBE BPS factoring in company debts for a more comprehensive financial perspective.
- Amplification Effect Analysis: Saylor noted that the gap between BPS and CEBE BPS, termed 'Amplification', can widen when a company borrows to purchase Bitcoin; if the debt is low-cost and long-term, it may enhance shareholder returns, whereas high-cost, short-term liabilities could lead to underperformance.
- Capital Cost Test: Saylor proposed a straightforward benchmark: if Bitcoin's annualized return exceeds the company's cost of capital, a well-capitalized Bitcoin treasury company should outperform Bitcoin, providing investors with a practical tool for assessing financial health.
- Market Reaction: Despite MSTR's stock rising by 0.33% in after-hours trading, retail sentiment on Stocktwits remains in the 'bearish' zone, indicating cautious investor sentiment regarding the company's future performance and concerns over its financial leverage.
See More
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- Record IPO: SpaceX's debut on Nasdaq marks the largest IPO ever at $75 billion, valuing the company near $1.75 trillion, which is expected to significantly impact the crypto market.
- Crypto Market Pressure: As SpaceX goes public, investors may shift funds away from crypto assets, with Bitcoin experiencing a 21% drop over the past 30 days, indicating weakened confidence in cryptocurrencies.
- Capital Flow Trends: While some funds from SpaceX's IPO might rotate back into Bitcoin and Ethereum, the overall role of crypto as a funding source may diminish, especially with upcoming listings from OpenAI and Anthropic.
- Investor Strategy Adjustment: In the current bear market for crypto, investors are advised against hastily selling their cryptocurrencies and should instead look for deeper discounts to increase their holdings when prices dip.
See More
