Bitcoin treasuries add 30,000 BTC in December – dominated by Strategy

Hello and welcome to Bitcoin Balance Sheet, the twice weekly email from Bitcoin Treasuries, where we track the latest in corporate Bitcoin buying.

Each Monday, you'll receive a quick blast on the top buyers over the last week. We'll follow that up every Friday with digest and analysis. Enjoy!

Secure Digital Markets | SDM.co

Secure Digital Markets (SDM) provides unparalleled liquidity, execution speed, and bespoke customer service, making it the top choice for institutional investors seeking reliable digital asset trading solutions. With deep expertise in capital markets and strict regulatory standards, SDM stands out as the premier platform for all digital asset treasury teams looking to optimize their trading and treasury operations.

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Strategy leads December 2025 buying

Public companies added 30,000 BTC in December 2025, worth approximately $2.6 billion at month-end prices.

This marks an uptrend in monthly Bitcoin purchases, outpacing October and November combined. It also brings public companies’ additions in Q4 2025 above 52,000 BTC, surpassing our projection that treasuries would add 40,000 BTC this quarter.

We observe that December buying was driven almost entirely by Michael Saylor’s Strategy, which bought 22,600 BTC in December. This marks Strategy’s biggest buying month since July, brings the company’s total holdings to 672,497 BTC, and accounts for 75% of all companies’ December additions (or 78% of net additions after sales). 

Other major additions in December include:

• Metaplanet’s purchase of 4,279 BTC, raising its holdings to 35,102 BTC — just 8,400 BTC less than the third-largest public treasury, XXI
  

• American Bitcoin’s addition of 1,094 BTC, bringing its holdings to 5,098 BTC and reporting a BTC Yield of 96.5% since its September Nasdaq listing
  

• Cango and Bitfarms’ 516.9 BTC and 425 BTC, added through mining activity

As of Dec. 31, BitcoinTreasuries.net now reports:

• Over 4 million BTC across all categories
  

• 1.09 million BTC held by public companies
  

• 279,414 BTC held by private companies

We also observed more than 930 BTC in net holdings reductions this month, bringing net additions down to approximately 29,000 BTC overall. 

Key reductions include Satsuma Technology (-579 BTC), Exodus Movement (-245 BTC), Bitdeer (-86.4 BTC net), and SOL Strategies (-23 BTC).

The BitcoinTreasuries.net November Corporate Adoption Report examined the value of corporate holdings amid sinking Bitcoin prices, the dominance of Strategy over the treasury sector, and the emergence of significant treasury sales.

We’re set to publish our next report in the coming weeks, focusing on monthly holdings change, the year in review, and the results of our first annual survey.

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Special thanks to our partners:

• AnchorWatch. AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writes specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch

• Arch Lending. Get instant, secure loans backed by your Bitcoin, Ethereum, or Solana—no need to sell your assets. Arch Lending offers fast approvals and trusted custody for both individuals and institutions. Learn more: Arch Lending

• Cadena Bitcoin. A p2p bitcoin lending marketplace with a unique emphasis on working with treasury firms and businesses, as well as the savvy bitcoin-native investors who visit our website. Learn more: Cadena Bitcoin

• Coinkite. Coinkite is a leader in security and hardware manufacturing and the maker of some of the most iconic Bitcoin products, such as OPENDIME, COLDCARD, BLOCKCLOCK, SATSCARD, TAPSIGNER and SATSCHIP. Learn more: Coinkite

• Cryptio. Cryptio is an enterprise-grade accounting software platform built specifically for digital assets and cryptocurrencies. It enables businesses to transform blockchain transaction data from multiple exchanges and custodians into auditable financial records, supporting compliance with GAAP and IFRS standards. Learn more: Cryptio

• The Hemisphere Foundation. Hemisphere develops open-source solutions designed to help treasury teams securely manage, deploy, and optimize their BTC holdings, with benefits of self-custody and Bitcoin native deployment. Learn more: The Hemisphere Foundation

• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

• Psalion. Psalion is a Bitcoin and digital-asset yield manager that offers institutional‑style investment strategies to professional investors, family offices, corporates, and private clients via separately managed accounts and yield funds. Learn more: Psalion

• Secure Digital Markets (SDM) provides unparalleled liquidity, execution speed, and bespoke customer service, making it the top choice for institutional investors seeking reliable digital asset trading solutions. With deep expertise in capital markets and strict regulatory standards, SDM stands out as the premier platform for all digital asset treasury teams looking to optimize their trading and treasury operations. Learn more: Secure Digital Markets (SDM)

• Stacking Sats Inc. Official IT partner at BitcoinTreasuries, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing best-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. Learn more: Stacking Sats Inc

• XCE. An executive recruitment group that combines a profitable recruitment business with a Bitcoin treasury strategy. The company turns over a decade of executive recruitment experience and four years of Bitcoin accumulation into a public Bitcoin‑powered growth engine, using a proven operating business to drive Bitcoin treasury accumulation. Learn more: XCE

• Zaprite. Zaprite is a non-custodial payment platform that allows individuals and businesses to seamlessly accept both bitcoin (on-chain and lightning) and fiat payments in a unified, customizable checkout experience. Users can easily issue invoices, generate payment links, and connect multiple wallets or custodial accounts, all while handling their own funds directly. Learn more: Zaprite

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