Bitcoin miners, who can acquire the cryptocurrency at below-market costs, may be in the best position to shape corporate adoption as accumulation by cryptocurrency companies slows, says BitcoinTreasuries.NET.

Bitcoin (BTC) treasuries are expected to buy 40,000 BTC in the fourth quarter, the least since the third quarter of 2024, BitcoinTreasuries.NET CEO Pete Rizzo he said in a report on the adoption of the solution by corporations published on Thursday.

Despite the slowdown, Rizzo said Bitcoin mining companies continued to “anchor Bitcoin shares in the public market” and accounted for 5% of up-to-date additions and 12% of total public company balances in November.

“As miners can purchase BTC at an effective discount to spot markets through block production, their balance sheets may become increasingly important in supporting enterprise adoption, particularly if other treasuries halt or slow purchases,” he said.

Miners are already at the forefront of Bitcoin holders

Miners generate on average about 900 Bitcoins per day, According to to Bitbo and MARA Holdings has the second-largest Bitcoin stash among public companies, with a stash of 53,250 Bitcoins.

Riot Platforms is the seventh-largest public holder of Bitcoin with 19,324, while Hut 8 Mining is ninth with 13,696.

Rizzo said the “summer buying frenzy” from cryptocurrency companies has abated, but “demand hasn’t gone away.”

“Public corporations appear to be returning to a slower, more selective rhythm, reviewing recent purchases and reassessing risk,” he added.

November is a stress test for state-owned companies

In November, Bitcoin’s price fell below $90,000 for the first time since April, creating one of the first true stress tests in the Bitcoin capital markets era, Rizzo said.

About 65% of buyers purchased Bitcoin above current market prices and are currently suffering unrealized losses.

Related: Companies absorb Bitcoin 4 times faster than it is mined: report

“Bitcoin’s decline in late November pushed spot prices toward $90,000, putting many buyers out of business in 2025. Of the 100 companies for which a cost basis can be measured, about two-thirds are currently operating on unrealized losses at current prices,” he said.

“This does not yet indicate widespread concern, but it does force risk committees and boards to confront the shortcomings of averaging increased prices and relying on long-term increases to validate treasury decisions.”

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