Bitcoin miners, which can acquire the cryptocurrency at below-market costs, could be in the best position to shape corporate adoption as accumulation by crypto treasury companies slows, says BitcoinTreasuries.NET.
BitcoinBTC) treasury companies are projected to buy 40,000 BTC in the fourth quarter, the lowest since Q3 2024, BitcoinTreasuries.NET President Pete Rizzo said In a report on corporate adoption released Thursday.
Despite the slowdown, Rizzo said Bitcoin mining companies Continue to the next page “anchor public‑market Bitcoin holdings” In November, 5% of the total public company assets were new acquisitions.
“Because miners can acquire BTC at an effective discount to spot markets via block production, their balance sheets may become increasingly important in supporting corporate adoption, especially if other treasuries pause or slow purchases,” He said.
Bitcoin miners are among the top Bitcoin owners
On average, miners generate about 900 Bitcoin per day, according Bitbo MARA Holdings has the second largest Bitcoin With 53,250 Bitcoins, the stash was shared among public companies.
Riot Platforms, the seventh-largest Bitcoin public holder with 19,324 bitcoins. Hut 8 Mining The ninth highest is 13,696.
Rizzo said, “The Rizzo” “summer buying frenzy” Crypto treasury firms have lowered their fees, but “demand has not vanished.”
“Public corporations appear to be normalizing to a slower, more selective cadence as they digest recent purchases and reassess risk,” He also added.
Stress test in November for Treasury Companies
Bitcoin’s value increased by 12% in November price sank below $90,000 Rizzo stated that the Bitcoin Capital Markets era has been experiencing a stress test for the very first time, since April.
About 65% of Bitcoin buyers bought Bitcoin at prices above the current market and have now unrealized loss.
Related: Businesses are absorbing Bitcoin 4x faster than it is mined: Report
“Bitcoin’s late‑November drawdown pushed spot prices toward $90,000, dragging many 2025 buyers into the red. For the 100 companies where cost basis could be measurable, about two‑thirds now sit on unrealized losses at current prices,” He said.
“This does not yet point to widespread distress, but it does force risk committees and boards to confront the downside of averaging into elevated prices and relying on long-term upside to validate treasury decisions.”
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Source: cointelegraph.com
