FameEX Hot Topics | Bitcoin Miners Have Become the Main Force in Corporate Treasury Adoption

Bitcoin miners have solidified their position as the dominant force in public-company Bitcoin accumulation. Marathon Digital Holdings (MARA), Riot Platforms, and Hut 8 now occupy three of the top ten spots among listed corporations holding Bitcoin. MARA ranks second globally with 53,250 BTC, Riot Platforms seventh with 19,324 BTC, and Hut 8 ninth with 13,696 BTC, according to the latest BitcoinTreasuries.NET rankings.

The broader corporate treasury buying spree that defined 2025 has markedly cooled. BitcoinTreasuries.NET President Pete Rizzo revealed Thursday that public companies are projected to acquire only about 40,000 BTC in the fourth quarter—the lowest quarterly total since Q3 2024. By contrast, miners continue to provide steady ballast: in November alone, they accounted for 5% of all new corporate Bitcoin additions and now represent 12% of the entire public-company Bitcoin balance sheet.

Miners enjoy a decisive competitive edge—they generate Bitcoin at a fraction of spot-market cost through daily block rewards. With the network currently producing approximately 900 BTC per day, mining companies can accumulate relentlessly without chasing exchange prices. “Because miners can acquire BTC at an effective discount via block production, their balance sheets may become increasingly important in supporting corporate adoption, especially if other treasuries pause or slow purchases,” Rizzo wrote in his latest report.

Meanwhile, the corporate Bitcoin market is enduring its first genuine stress test of the cycle. After a frenzied summer of accumulation, Bitcoin’s price dropped below $90,000 in late November—the first meaningful correction since April. Approximately 65% of companies that bought Bitcoin in 2025 are now underwater, with unrealized losses. Among the 100 public firms where average cost basis can be reliably tracked, two-thirds are in the red. While forced selling has not materialized, the drawdown is forcing boards and risk committees to confront the downside volatility they accepted when allocating treasury capital to Bitcoin. In this environment, miners—insulated by ongoing production and low effective cost basis—are emerging as the most resilient and consistent buyers, poised to drive the next leg of institutional adoption.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.