Bitcoin Miners Emerge as Major Corporate Holders as Treasury Company Buying Slows

Mining Companies Dominate Public Bitcoin Holdings

Bitcoin mining companies have established themselves as some of the largest corporate holders of the cryptocurrency, even as the buying frenzy from dedicated crypto treasury companies shows signs of cooling. Miners generate approximately 900 Bitcoin per day on average, according to data from Bitbo ^[1].

MARA Holdings currently holds the second-largest Bitcoin stash among public companies with 53,250 BTC ^[1]. Riot Platforms ranks as the seventh largest public Bitcoin holder with 19,324 BTC, while Hut 8 Mining holds the ninth position with 13,696 BTC ^[1].

Corporate Treasury Buying Enters New Phase

According to Rizzo, the "summer buying frenzy" from crypto treasury companies has eased, though "demand has not vanished" ^[1]. The slowdown represents a shift in corporate behavior rather than a complete retreat from Bitcoin adoption.

"Public corporations appear to be normalizing to a slower, more selective cadence as they digest recent purchases and reassess risk," Rizzo said ^[1].

November Price Decline Tests Treasury Strategies

Bitcoin's price decline below $90,000 in November—the first time since April—created what Rizzo described as "one of the first true stress tests for the Bitcoin capital markets era" ^[1]. The downturn revealed potential vulnerabilities in corporate treasury strategies, with approximately 65% of buyers now holding Bitcoin purchased above current market prices, resulting in unrealized losses ^[1].

"This does not yet point to widespread distress, but it does force risk committees and boards to confront the downside of averaging into elevated prices and relying on long-term upside to validate treasury decisions," Rizzo noted ^[1].

Miners Pivot to AI Infrastructure

As mining economics face pressure, Bitcoin mining companies are increasingly diversifying into artificial intelligence and high-performance computing infrastructure. HIVE Digital Technologies recently became the first Bitcoin and AI infrastructure company to trade publicly on a Latin American exchange, debuting on the Colombian Stock Exchange under the ticker HIVECO ^[2].

The move "marks another sign of the sector's expansion as Bitcoin miners and high-performance computing (HPC) companies push deeper into global capital markets," according to the report ^[2].

HIVE has developed operational Tier I data centers in Paraguay powered entirely by hydroelectricity ^[2]. The company began expanding its Latin American presence in late 2024 and completed the acquisition of its Yguazú site in March of this year ^[2].

HIVE was among the early Bitcoin miners to pivot toward AI and high-performance computing as mining economics tightened and demand for GPU infrastructure surged ^[2]. Other major public miners following similar strategies include Core Scientific, Hut 8, Riot Platforms, TeraWulf, and Marathon Holdings, all of which have expanded into AI and HPC workloads to varying degrees ^[2].

Implications for Corporate Adoption

The combination of mining companies' substantial Bitcoin holdings and their strategic positioning in emerging technology sectors suggests that miners could play an increasingly important role in corporate Bitcoin adoption. As traditional treasury companies adopt more cautious buying patterns, miners' consistent Bitcoin accumulation through operations and their diversification into complementary technologies may provide a different model for corporate cryptocurrency exposure.