Overview
- An analysis of more than 100 companies reports about 65% of corporate Bitcoin treasuries hold unrealized losses after prices dipped below $90,000 in late November.
- Despite the drawdown, public and private entities recorded net additions in November and total tracked holdings surpassed 4 million BTC by month’s end.
- Strategy (formerly MicroStrategy) drove the bulk of November buying at roughly 72–75% of net purchases and now holds about 660,624 BTC.
- Selective selling and rebalancing surfaced, with at least five firms reducing exposure including Sequans, which sold roughly one‑third of its stake, and miner Hut 8 trimming holdings; only 28 companies disclosed a purchase last month.
- Quarterly accumulation has slowed, with Q4 2025 on track for roughly 40,000 BTC in net additions, even as Glassnode estimates corporate treasuries have grown 448% since January 2023 to about 1.08 million BTC.