Bitcoin Miners Become Key Players In Corporate Adoption Shift

Bitcoin miners may soon take a larger role in shaping corporate adoption as crypto treasury accumulation slows, according to a new report from BitcoinTreasuries.NET. The research, released Thursday, notes a clear change in buying habits among companies that previously fueled rapid market accumulation.

Bitcoin treasury companies are expected to acquire about 40,000 BTC in the fourth quarter, the lowest level since Q3 2024. Pete Rizzo, president of BitcoinTreasuries.NET, said miners now provide steady support for overall corporate exposure. They accounted for 5% of new additions and 12% of total public company balances in November.

Miners Gain Influence As Treasury Buying Cools

Rizzo explained that miners enjoy an advantage because they receive Bitcoin through block production at an effective discount compared with spot prices. This allows them to build reserves even when other firms scale back purchases. He noted that miners could become more central to corporate adoption if treasury buyers continue to slow their pace.

Data from Bitbo shows miners generate roughly 900 Bitcoin per day. MARA Holdings is the second largest public company holder with 53,250 BTC. Riot Platforms holds 19,324, placing it seventh, while Hut 8 Mining ranks ninth with 13,696. 

Rizzo said the surge of buying seen in the summer has eased, although he stressed that interest has not disappeared. Companies appear to be settling into a slower rhythm as they review earlier purchases and study risk levels.

November Pullback in Bitcoin Price

Rizzo said November created one of the earliest true stress moments of the current market cycle. Bitcoin dipped below $90,000 for the first time since April, pushing many recent buyers into losses. Roughly 65% of treasury companies bought BTC at prices above current levels.

For the 100 companies where cost basis can be measured, about two thirds now sit on unrealized losses. Rizzo said this situation does not point to widespread trouble, but it does force teams to face the cons of buying at high levels. Committees must now decide whether to continue averaging into positions or wait for clearer conditions.

The report concludes that while appetite for Bitcoin among corporations has cooled, miners are now in a position to shape the next stage of adoption. Their steady flow of newly produced coins could provide the structure needed for companies to maintain or expand exposure even as they proceed with added caution.