- Bitcoin treasury holdings saw a significant slowdown in accumulation during October 2025.
- MicroStrategy now holds 60% of total Bitcoin treasuries, down from 75% earlier in the year.
- Metaplanet, a Japanese company, has become the second largest Bitcoin treasury holder by adding over 5,200 BTC.
- Sequans Communications conducted the first notable sale of Bitcoin from its treasury, selling 970 BTC to reduce debt.
- The Bitcoin treasury market is entering a phase of strategic change with more competition and varied acquisition methods.
In October 2025, both public and private companies holding Bitcoin as treasury assets reduced their pace of buying. These firms added 14,400 BTC last month, marking the lowest monthly addition so far this year and a decline of more than 60% compared to September.
According to BitcoinTreasuries.net, which tracks Bitcoin holdings by corporations and governments, the slowdown occurred even as Bitcoin’s price dropped significantly in October. Peter Rizzo, President of BitcoinTreasuries.net, said, “The main factor stopping entities from aggressively adding BTC during October’s volatility is the marketplace’s growing maturity and increased investor discernment.”
MicroStrategy remains the largest Bitcoin treasury holder, but its share of total Bitcoin held by treasuries has fallen to 60% from 75% in January 2025. The company’s recent financing strategy has shifted from convertible debt and at-the-market (ATM) programs to preferred equity and other capital sources, reducing its reliance on ATM issuance, Rizzo explained.
The report also highlights the Japanese firm Metaplanet, which added 5,268 BTC in October despite a 75% decline in its stock price since June. This acquisition has made Metaplanet the second-largest treasury holder by Bitcoin holdings. Rizzo noted, “Their decision to pursue potential stock buybacks appears to have spurred new market strategies focused on increasing Bitcoin per share (BPS), a key metric for investors.”
November marked the first major Bitcoin sale by a treasury company when Sequans Communications, an IoT semiconductor provider, sold 970 BTC (about 30% of its stash) to redeem 50% of its convertible debt issued in July. This sale lowered Sequans’ outstanding debt from $189 million to $94 million. The company sold Bitcoin at around $104,000 per coin.
BitcoinTreasuries.net described the move in a November 7 newsletter as either “sophisticated financial engineering or a fundamental misunderstanding of why Bitcoin treasury premiums exist.” The sale represents a notable shift in treasury behavior.
Despite the recent slowdown and selling event, Rizzo sees the market as entering a “strategic transition.” He said, “The institutional Bitcoin acquisition race is far from over. Renewed competition is pushing established players to find new ways to accumulate while weaker entrants are filtering out.”
The Bitcoin treasury sector continues to navigate a challenging market, with Bitcoin’s price dropping below $100,000 in October. These conditions may impact stock performance but also provide opportunities for major holders to strengthen their positions through improved strategies and allocation decisions.
For more detailed data and insights, see the BitcoinTreasuries.net October Adoption Report and the analysis on Sequans Communications’ sale here.
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