As corporate interest in Bitcoin (BTC) begins to wane, miners are emerging as key players in driving adoption. Companies like Marathon Digital Holdings, Riot Platforms, and Hut 8 are already among the largest publicly traded holders of Bitcoin, positioning themselves strategically in the market.
According to a report from Pete Rizzo, President of BitcoinTreasuries.NET, the anticipated purchases of Bitcoin by treasury companies are set to drop to 40,000 BTC in the fourth quarter, the lowest level since Q3 2024. Despite the decreasing trend in treasury acquisitions, Rizzo emphasizes that Bitcoin mining firms continue to anchor public market Bitcoin holdings, having accounted for 5% of new additions and 12% of total public company balances in November.
Rizzo notes that miners have a unique advantage, enabling them to acquire Bitcoin at below-market prices through block production. This cost-effective acquisition strategy positions their balance sheets as pivotal in bolstering corporate adoption, especially during a period where other treasury companies may be slowing their purchases.
Currently, miners are generating approximately 900 Bitcoin daily. Marathon leads the pack with a substantial reserve of 53,250 Bitcoin, making it the second-largest Bitcoin holder among public companies. Following closely, Riot Platforms holds 19,324 Bitcoin, ranking seventh, while Hut 8 Mining occupies the ninth spot with 13,696 Bitcoin.
Rizzo points out that while the intense buying activity from crypto treasury companies has diminished since the summer, the demand for Bitcoin remains. He suggests that public corporations are adjusting to a more measured purchasing approach as they evaluate previous investments and reassess associated risks.
November has proven challenging for treasury companies, as Bitcoin”s price dipped below $90,000 for the first time since April, marking a stress test for the current Bitcoin capital markets. Rizzo highlights that around 65% of buyers acquired Bitcoin at prices above the current market rate, facing unrealized losses as a result.
“Bitcoin”s late-November decline pushed spot prices toward $90,000, impacting many buyers who entered the market in 2025,” Rizzo stated. He further noted that for the 100 companies with measurable cost bases, approximately two-thirds are currently experiencing unrealized losses.
As this dynamic unfolds, the role of Bitcoin miners in the corporate landscape appears increasingly vital, suggesting a potential shift in how corporations engage with Bitcoin amid fluctuating market conditions.
