Bitcoin Treasury Adoption Slows After Hitting A Peak In July: What's Going On?

Corporate adoption of Bitcoin (CRYPTO: BTC) continues to rise in total size, but momentum has clearly slowed as 2025 winds down.

What Happened: New data from CryptoQuant shows that while more companies added BTC to their balance sheets this year, the monthly pace has weakened.

A total of 117 new firms adopted Bitcoin in 2025, but activity peaked in July.

Quarterly growth highlights the slowdown: Q1 saw 16 companies, Q2 and Q3 jumped to 39 and 53 companies respectively.

However, Q4 saw a slowdown to 9 so far.

Most of these treasuries remain small—147 companies hold under 500 BTC, and only a handful exceed 1,000 BTC. MicroStrategy remains the extreme outlier with 660,624 BTC.

Key corporate trends:

Strategy (NASDAQ:MSTR) is on pace to match last year's totals, with $21.48 billion in BTC purchases so far—nearly equal to its 2024 figure.
BitMine Immersion Technologies Inc (NASDAQ:BMNR) is slowing sharply, with monthly buys shrinking from $4.3 billion in August to $296 million in December.
Several previously active buyers have paused: Metaplanet (OTC:MTPLF) hasn't added BTC in over two months and Evernorth made a single $950 million buy but has been inactive for ~6 weeks

Also Read: Bitcoin Is Ready For One More Push To $100,000 In 2025, Trader Claims

Why It Matters: The slowdown comes as digital asset treasury companies face scrutiny amid declining crypto prices. Analysts are watching for signs of whether these firms risk becoming the next speculative bubble.

Meanwhile, Strategy is pushing back against MSCI's proposal to exclude digital-asset-heavy companies from global indexes, warning such a move would stifle innovation in the sector.

The debate intensified after Twenty-One Capital's (NYSE:XXI) NYSE debut, where CEO Jack Mallers emphasized that the firm is not a Bitcoin treasury company but a Bitcoin-native operating business, backed by Tether (CRYPTO: USDT) and SoftBank Group (OTCPK: SFTBY) and focused on cash flow, growth, and BTC accumulation.

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