In November, corporate Bitcoin treasuries encountered mark-to-market losses, as revealed in a report. The report, which analyzes over 100 companies, provides a detailed examination of the impact that last month’s price drop had on public company holdings. In late November, Bitcoin experienced a brief dip, falling below the $90,000 mark, and the downturn has driven numerous 2025 buyers into negative territory. According to the report, approximately two-thirds of the 100 companies with measurable cost basis are currently experiencing unrealized losses at prevailing prices, yet amidst the fluctuations, substantial balance sheets remained at the forefront of net Bitcoin acquisitions, with Strategy, Strive, and a select group of high-conviction buyers responsible for the majority of net additions. Strategy accounted for approximately 75% of net new purchases following sales, while public Bitcoin treasury equities continue to show weakness compared to BTC and broader market indices; despite the overall market trends, a select group of companies managed to achieve gains of at least 10% in the last 6 to 12 months, and initial indicators of corporate Bitcoin liquidation have also surfaced, with at least five companies scaling back their exposure in November.
Quarterly Bitcoin accumulation is experiencing a slowdown, yet it is not in a state of collapse, with Q4 2025 poised to see approximately 40,000 BTC added to the balance sheets of public companies, a figure that falls short of the last four quarters but is generally consistent with Q3 2024 as firms adjust to a more measured and selective accumulation strategy. In November, both public and private treasuries acquired, increased, or revealed over 12,644 BTC, leading to a total BTC holding across all monitored entities exceeding 4 million by the end of the month. Major treasuries recognized for their bitcoin acquisitions persist in leading the buying spree, with Strategy accumulating 9,062 BTC through three transactions in November, including the most significant purchase totaling 8,178 BTC on November 17. Strategy concluded the month holding 649,870 BTC valued at approximately $59 billion and currently holds 660,624 following additional purchases made in December. Strive acquired 1,567 BTC at an average price of $103,315 per BTC, increasing its month-end holdings to 7,525 BTC valued at $684 million, with the firm financing its Bitcoin strategy mainly via perpetual preferred equity.
Mining companies continue to be key players in the industry, with Cango and Riot reporting additions of 508 BTC and 37 BTC respectively from their mining operations, while American Bitcoin acquired 139 BTC via a blend of purchasing and mining. According to the report, mining companies currently hold 12% of the BTC assets among public companies. Sales were constrained yet significant, with Sequans divesting almost one-third of its holdings to mitigate convertible debt, Hut 8 decreasing its holdings by 389 BTC, and KindlyMD and Genius Group also reducing exposure. Despite the downturn, certain companies have opted to invest small amounts, with DDC Enterprise Limited acquiring 100 BTC amid the recent market pullback and Metaplanet proceeding with “additional purchase” filings on the Tokyo exchange. ETF flows have bounced back to net inflows following a month characterized by redemptions, and the data indicates a barbell pattern: small distressed sellers contrasted with programmatic buyers and disciplined treasuries, as investors recognize BTC’s growing role as collateral and a source of cash flow.
Corporate Bitcoin holdings are becoming more widespread across the globe, with U.S. companies leading the top 20 rankings, yet Japan, China, Europe, and other regions rising as non-U.S. public company holdings increased by 3,180 BTC compared to two months ago, now accounting for approximately 9% of all public company BTC, and experts indicate that this geographic diversification mitigates regulatory risk. Amid the fluctuations of November, the trend of corporate adoption of Bitcoin remains steadfast, with major treasuries continuing to make significant purchases, and the report highlighted that while the quarterly pace of accumulation has slowed compared to earlier in 2025, steady growth continues to be observed.