Bitcoin miners positioned to shape corporate adoption as treasury purchases slow. Miners such as Marathon Digital Holdings, Riot Platforms, and Hut 8 rank among the top ten public companies holding Bitcoin.

Bitcoin treasury firms are expected to acquire just 40,000 BTC in Q4, which is the lowest since Q3 2024, as reported by BitcoinTreasuries.NET President Pete Rizzo. Despite this downturn, Rizzo states that mining companies are crucial for public Bitcoin holdings, contributing 5% of new additions and 12% of total balances in November.

“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.” — Pete Rizzo

Miners’ Bitcoin Holdings
Miners collectively produce approximately 900 Bitcoin daily. Marathon holds 53,250 Bitcoin, making it the second-largest public holder. Riot Platforms and Hut 8 hold 19,324 and 13,696 Bitcoin, respectively. Rizzo notes that while demand seems to have cooled, it has not disappeared entirely.

Stress Test for Bitcoin Treasuries
November’s market saw Bitcoin price dip below $90,000, testing the stability of Bitcoin capital markets. Approximately 65% of recent buyers now face unrealized losses.

“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.” — Pete Rizzo