Corporate Bitcoin Treasuries experienced a notable deceleration in November 2025, but large digital asset treasury (DAT) companies continued their aggressive accumulation, while expanding into Ethereum, Solana, and even XRP, according to the latest Bitcoin Treasuries report. The report, published by bitcointreasuries.net, shows that net bitcoin accumulation across public and private treasuries stood at 10,761 BTC during the month, bringing total tracked holdings to over 4 million BTC, valued at approximately $363 billion at month-end.
Strategy Leads, Non-US Firms Rise
Strategy (formerly MicroStrategy) remains the dominant force, adding 9,062 BTC across three purchases and ending November with 649,870 BTC on its balance sheet. While US firms still account for the majority of corporate bitcoin holdings, non-US public companies have now surpassed 100,000 BTC, representing about 9% of the global total. Japanese firm Metaplanet, China's Cango, Europe's Capital B, and several Hong Kong-based entities all expanded their BTC exposure, leveraging local debt markets and favorable tax regimes.
Despite the strong accumulation, bitcoin's slide below $90,000 pushed 65% of tracked corporate buyers into unrealized losses, according to Bitcoin Treasuries' heatmaps. However, most firms maintained their conviction, with nearly 50 companies reporting double-digit returns over the past 6–12 months, even as only a handful achieved year-to-date equity gains.
Ethereum, Solana, and XRP Treasuries Gain Traction
Ethereum treasuries held 6.36 million ETH across roughly 68 corporate balance sheets, worth nearly $20 billion. Firms added over 260,000 ETH during November, driven by aggressive buying from Bitmine. However, a 50% price drawdown since July resulted in more than $4.5 billion in unrealized losses for ETH-heavy treasuries.
Solana treasury activity also grew sharply. 20 companies held 20 million SOL, valued at about $2.9 billion, with Forward Industries controlling over 6.8 million SOL alone. DeFi firms, biotech companies, and diversified corporates continued to incorporate SOL into broader DAT portfolios. Share buybacks and private placements helped these firms balance treasury strategy with operational needs.
XRP has entered the corporate treasury landscape for the first time. Evernorth became the largest known XRP treasury holder, with 473 million XRP committed, worth nearly $1 billion. Several smaller firms are experimenting with XRP as part of multi-asset reserves. Researchers estimate that once planned purchases settle, XRP treasuries will approach $2 billion in value.
Regulatory Headwinds: MSCI Delisting Threat Looms
The report highlights a significant regulatory risk: MSCI has proposed delisting 39 companies with over 50% crypto exposure, including Strategy, Marathon, Hut 8, and Metaplanet. Japan, Australia, Nasdaq, and other exchanges are also reassessing compliance standards for DAT companies. If implemented, MSCI's proposal could trigger billions in mechanical outflows from DAT equities during the February index review.
Despite price volatility and regulatory uncertainty, Bitcoin Treasuries' researchers frame November as evidence of a maturing sector. Multi-asset treasuries, evolving financing mechanisms, and global adoption suggest that digital asset treasury strategies are no longer a US-centric experiment but a multi-chain, long-term capital engine for companies worldwide.