Slowing Growth of Corporate Bitcoin Reserves in 2025
Date: 2025-12-12 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Corporate interest in Bitcoin remained strong in 2025, but the dynamics were extremely uneven. CryptoQuant analysts note that 117 new companies added BTC to their balance sheets during the year, with the bulk of activity occurring mid-year. Interest was moderate at the beginning of 2025: only 16 organizations added Bitcoin in the first quarter. In the second quarter, the number of such companies increased sharply to 39, peaking in the third quarter, when 53 new participants joined the market.
However, by the end of the year, the situation had changed dramatically. In the fourth quarter, as of the reporting date, only nine companies had decided to expand their crypto reserves. July was the most productive month, after which the market began to show clear signs of cooling corporate demand.
Most companies prefer to hold relatively small amounts of BTC. According to CryptoQuant, more than 140 firms hold stakes of less than 500 BTC, while several dozen more are in the 500 to 2,000 BTC range. Only one major player stands out: Strategy, with a balance exceeding 660,000 BTC. This company has invested approximately $21.5 billion in cryptocurrency over the course of 2025, which is virtually identical to its investments for the previous year.
A slowdown is also observed in Ethereum purchases. For example, BitMine, which was actively buying ETH at the beginning of the year, has significantly reduced its pace. While its investments in August totaled approximately $4.3 billion, in November, spending fell to $892 million. In December, acquisitions fell to symbolic amounts, not exceeding several hundred million dollars.
BitMine isn't the only one showing a decline in activity. Metaplanet hasn't increased its Bitcoin reserves for over two months. And Evernorth, which previously regularly replenished its reserves, last acquired BTC six weeks ago, investing approximately $950 million.
Some analysts attribute the slowdown in corporate purchases to market instability. Specifically, Galaxy noted that companies using cryptocurrencies as a treasury instrument have entered a so-called "Darwinian phase." They believe current market conditions are intensifying competition, and only the most resilient players will survive.
Overall, 2025 has demonstrated that corporate demand for Bitcoin remains significant, but companies are becoming more cautious and significantly less likely to expand their balance sheets amid market uncertainty.
