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Corporate Bitcoin Adoption Trends and Mining Developments
According to a report by BeInCrypto, the trend of corporate Bitcoin adoption is shifting as companies are increasingly holding Bitcoin below their purchase price. Currently, 65% of publicly traded companies are sitting on unrealized losses, leading to a significant decrease in Bitcoin purchases. The report indicates that the amount of newly acquired Bitcoin is on track to reach its lowest level in twelve months, while Bitcoin miners continue to accumulate BTC despite challenging market conditions.
"The demand has not disappeared. Rather, public companies are adapting and now buying more selectively and at a slower pace."
In November 2025, the Bitcoin price experienced a significant drop of 17.67%, which has left many buyers from earlier in the year at a loss. The report from Bitcoin Treasuries highlights that public Bitcoin treasuries collectively purchased over 12,600 BTC in November, with major contributors like Strategy and Strive accounting for a substantial portion of net additions. However, approximately 1,800 BTC were sold during the same period, resulting in a net addition of around 10,800 BTC.
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Corporate Sales and Adjustments
Several companies have also reduced their Bitcoin holdings in November 2025, primarily for balance sheet management and strategic planning. Notable sales include:
- Sequans Communications sold nearly one-third of its Bitcoin reserves, amounting to approximately 970 BTC, valued at around 100 million USD.
- Kindly MD utilized 367 BTC for strategic investments in Bitcoin-related firms.
- Genius Group sold 62 BTC to create short-term liquidity for specific projects, later repurchasing 42 BTC.
As the buying frenzy from the summer has clearly cooled, the report estimates that Bitcoin access in the fourth quarter of 2025 will be around 40,000 BTC, marking the weakest quarter of the year and aligning with levels from the third quarter of 2024.
Mining Firms as Key Players
While corporate interest in Bitcoin appears to be waning, Bitcoin miners are emerging as significant players in the market. The report notes that mining firms now constitute a foundation of public BTC holdings, with approximately 5% of new Bitcoin access in November coming from miners. Companies like Cango and Riot added 508 and 37 BTC, respectively, while American Bitcoin contributed 139 BTC to their holdings.
Mining firms may benefit from lower operational costs compared to purchasing BTC on exchanges, which could explain their growing importance in the Bitcoin ecosystem. Despite ongoing challenges in profitability, the Hashprice Index, which measures earnings per terahash per second, has seen a slight recovery, rising to approximately 39.4 USD after a decline earlier in the year.
| Metric | Value |
|---|---|
| Hashprice Index (End of November) | 39.4 USD |
| Average Cash Costs per BTC | 74,600 USD |
| Total Costs per BTC | 137,800 USD |
| Mining Difficulty | 148.2 trillion |
In summary, the landscape of Bitcoin ownership is evolving, with companies becoming more cautious in their purchasing strategies while miners are stepping up as key accumulators of Bitcoin. The ongoing volatility in the market continues to shape these dynamics.
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