FameEX Hot Topics | Mining Firms Have Taken the Lead in Corporate Bitcoin Treasury Adoption

Bitcoin miners have quietly become the new powerhouse of corporate Bitcoin adoption. Three publicly listed mining giants — Marathon Digital Holdings (MARA), Riot Platforms, and Hut 8 — now rank among the top ten largest public-company Bitcoin holders worldwide. MARA sits in second place with 53,250 BTC, Riot holds seventh with 19,324 BTC, and Hut 8 ranks ninth with 13,696 BTC, according to the latest data from BitcoinTreasuries.NET.

While traditional “Bitcoin treasury companies” such as Strategy have slowed their aggressive buying, miners are stepping into the spotlight. BitcoinTreasuries.NET President Pete Rizzo noted in a report released Thursday that corporate treasuries are on track to purchase only about 40,000 BTC in Q4 2025 — the lowest quarterly figure since Q3 2024. Yet miners continue to anchor public-market holdings, contributing 5% of November’s new Bitcoin additions and representing 12% of total public-company balances by month-end.

Miners enjoy a structural advantage: they produce Bitcoin at a steep discount to spot prices through block rewards. With the network currently generating roughly 900 BTC per day, mining companies can steadily accumulate without competing in the open market. “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 explained.

The broader corporate Bitcoin market is facing its first real stress test of the current cycle. After a “summer buying frenzy,” Bitcoin’s price dipped below $90,000 in late November — the first significant drawdown since April. Roughly 65% of 2025 corporate buyers now sit on unrealized losses, with two-thirds of the 100 trackable companies underwater on their average cost basis. While widespread distress has not yet emerged, the pullback is forcing boards and risk committees to confront the volatility they signed up for when adding Bitcoin to corporate treasuries. Miners, insulated by ongoing production, appear best positioned to keep accumulating through the turbulence.

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