Corporations are buying less Bitcoin in the fourth quarter of 2025. Currently, 65% of publicly traded companies hold BTC below the purchase price and are recording unrealized losses. As corporate demand in the market decreases, miners stand out as the most resilient in accumulation.
This change signals a new phase for the financial departments of many companies. Quarterly purchases will reach the lowest level in a year. However, miners still play a key role in the BTC market, despite operational pressure and lower profitability.
Corporations are buying less due to increasing market volatility
The decline in the value of Bitcoin (BTC) in November was the largest in 2025. The cryptocurrency leader lost 17.67% over the month, causing many investors from 2025 to find themselves "underwater."
Companies dealing with digital assets also felt the effects. According to the November Corporate Bitcoin Adoption report from Bitcoin Treasuries, 65% of public companies with measurable purchase prices bought BTC above current market levels.
This means that the financial departments of these companies are recording unrealized losses. Estimates concern a group of 100 companies.
Meanwhile, demand has also weakened in recent months. The report states that in November, over 12,600 BTC were added to the public coffers of companies. The largest holders, including Strategy and Strive, accounted for most of the net purchases.
However, monthly sales reduced these purchases by about 1,800 BTC, resulting in a net increase of about 10,800 BTC.
Several companies reduced their exposure to Bitcoin in November 2025. At least five firms reported net sales, guided by balance management and strategy:
Sequans Communications sold nearly one-third of its Bitcoin reserves, about 970 BTC, valued at around $100 million, to reduce its liabilities under convertible bonds.
Kindly MD transferred 367 BTC to strategic investments, including stakes in Bitcoin-related companies.
Genius Group sold 62 BTC to increase liquidity for operational needs and then repurchased 42 BTC in early December.
Pete Rizzo wrote:
"Overall, although the summer buying frenzy has clearly weakened, demand has not disappeared. Rather, public corporations are normalizing their purchasing pace, doing so more slowly and selectively, analyzing recent purchases and reassessing risks."
The report forecasts that BTC purchases in Q4 2025 will reach or slightly exceed 40,000 BTC by the end of December. This means the weakest quarter of the year, comparable to accumulation levels from Q3 2024:
"This estimate is based on data from the last two months and the fact that Strategy had already added over 10,000 BTC by early December. This means that Q4 purchases are 5,000 BTC away from the target set for December 9."
When corporations buy less Bitcoin, miners can lead the next phase of adoption in their business. The report notes that mining companies are a pillar of public BTC reserves. They account for about 5% of new purchases in November and 12% of all public company reserves.
This month, Cango and Riot added 508 and 37 BTC from mining, respectively. American Bitcoin increased its holdings by 139 BTC. With lower corporate activity, Cango and American Bitcoin secured two of the five largest increases in public reserves in November. Therefore, Rizzo adds:
"Some mining companies that mine BTC themselves may pay less for energy and operational costs than if they bought Bitcoin on the market. This could be a major factor in the further development of this segment. As miners acquire BTC at a discount to the spot market, their balances become increasingly significant in supporting adoption in companies, especially as other financial departments pause or slow down purchases."
This is a place under continuous economic pressure on miners, despite a slight improvement in technical conditions. The hash price index, measuring daily earnings per terahash per second, has fallen since July, reaching $34.80 by the end of November.
However, it rebounded to around $39.40. Mining difficulty decreased to 148.2 trillion, while the record six weeks earlier was 155.97 trillion. This provides some relief to miners who find it hard to maintain their margins.
Although network conditions have slightly improved, profitability challenges remain. The average cash cost for 1 BTC was $74,600, and total costs reached $137,800.
To read the latest cryptocurrency market analysis from BeInCrypto, click here.
