Treasury firms specializing in digital assets have invested more than $49 billion in Bitcoin and other crypto in 2025, even as the overall market recorded its first annual decline in three years. CoinGecko data shows a steady accumulation by these companies, including during periods of high volatility. Interestingly, their activity stood in stark contrast to the price declines and massive liquidations seen throughout the year.
Crypto treasuries accumulate despite market difficulties
Market conditions across the entire crypto ecosystem have proven challenging for much of the last year. In fact, the total capitalization of the cryptocurrency market has fallen by 7.85% over one yearbringing the overall valuation of the sector to almost 3 trillion dollars.
This decline marked a reversal after the rallies observed in 2023 and 2024. Selling pressure intensified over the year, while confidence eroded, notably after initial momentum failed to sustain.
Losses deepened in the last quarter, with almost a quarter of the total market value evaporating in the fourth quarter alone. CoinGecko linked this fall to approximately $19 billion in liquidations occurred in October, after a brief rally which brought the total capitalization to almost 4.4 trillion dollars. Prices then quickly weakened, weighing on general sentiment around major tokens.
Despite this, companies focused on cash management have continued to purchase digital assets. While Bitcoin ended the year with a drop of more than 6% and precious metals like gold and silver have risen sharply, these companies have increased their exposure to cryptocurrencies.
Buying often occurred during short-lived price rallies, suggesting a long-term accumulation strategy rather than short-term positioning.
In total, treasury companies have committed at least $49.7 billion in Bitcoin, Ethereum and other cryptocurrencies in 2025. Nearly half of this amount entered the market during the third trimestera period during which several new treasury vehicles were launched and began to build their positions.
At the end of the year, these companies controlled more than 5% of the circulating supply both Bitcoin and Ethereum. Other data shows that the largest corporate holders alone represent approximately 5.2% of the total Bitcoin supply.
The main factors contributing to the increase in institutional detention include:
- The arrival of new treasury companies on the market in the middle of the year
- Particularly intense purchasing activity concentrated in the third quarter
- Slower accumulation during sharp price drops
- A growing share of supply held outside exchange platforms
- The increased use of cryptocurrencies as balance sheet assets
The whales are drying up the supply of this token capable of making x100
Whale behavior has also evolved over the year, with large holders appearing to expand their activity beyond Bitcoin to lower-cap tokens. On-chain data showed a continuous accumulation of Minotaurus (MTAUR)a token associated with a blockchain-based gaming project built on the Binance Smart Chain. Larger portfolio activity suggests longer holding periods, rather than rapid asset turnover.
MTAUR serves as the central token within the Minotaurus gaming ecosystem. The project combines blockchain functionality with gaming mechanics, allowing users to interact with digital assets directly within the platform.
The use of the token covers the customization of avatars, access to certain features and in-game game mechanics. At present, MTAUR is listed at 0.00012639 USDTattracting large holders optimistic about a possible performance of x100 during this cycle.
Moreover, Minotaurus offers incentives for early participants. These include referral bonus as well as access to additional tokens via longer vesting periods. In addition, users can participate in a 100,000 USDT giveawaywith rewards of up to 50,000 USDT.
Accumulation continued despite a slowdown in activity in Q4
The momentum petered out at the end of the year, as prices continued to fall. During the fourth quarter, shares of several publicly traded treasury companies traded below the value of their underlying crypto holdings. In response, some companies have redirected their capital towards share buybacks rather than towards new asset purchases, thereby reducing the pace of accumulation.
Despite this slowdown, total reserves have increased significantly. The combined holdings of digital assets held by treasury firms have increased from approximately $56 billion by early 2025 has more than $134 billion as of January 1, 2026. This development represents a growth of more than 137% in a single year. At the start of 2026, these companies collectively held more than a million BTC And more than 6 million ETH.
Listed companies have played a major role in shaping market trends. For example, corporate treasuries have added almost 500,000 BTC during the previous year alone.
This trend increased reserves from approximately 598,700 BTC has over 1.09 million BTC. At current prices, these holdings are valued at approximately $101.5 billion.
Market activity remained strong despite the fall in prices. Average daily crypto trading volume has exceeded 160 billion dollarsa level not seen for several years. Stablecoins have also seen strong expansion, with total capitalization up by almost 50%exceeding the 300 billion dollars. Perpetual futures markets on centralized platforms also remained very active, with over $86 trillion in volume exchanged throughout the year.
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