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

Corporate Bitcoin Adoption - Corporate Bitcoin adoption is slowing in Q4 2025, with 65% of public companies holding BTC below their purchase prices, resulting in unrealized losses [1][2][3] - The report indicates that public Bitcoin treasuries acquired over 12,600 BTC in November, but monthly disposals offset approximately 1,800 BTC, leading to net additions of around 10,800 BTC [3][4] Market Trends - Bitcoin experienced its steepest monthly decline in November 2025, falling 17.67%, which pushed many buyers from 2025 into negative territory [2][3] - The report projects that Bitcoin additions in Q4 2025 will reach or slightly exceed 40,000 BTC, marking it as the weakest quarter of the year [5] Company Actions - Several firms reduced their Bitcoin exposure in November 2025, with at least five companies reporting net sales driven by balance sheet management [4] - Sequans Communications sold nearly one-third of its Bitcoin reserves, liquidating approximately 970 BTC valued at around $100 million to reduce convertible debt obligations [6] - Kindly MD deployed 367 BTC into strategic investments, while Genius Group sold 62 BTC to strengthen its cash position and later repurchased 42 BTC [6]