Corporate Bitcoin Buyers Boost Holdings Despite Crypto Slump

According to VanEck’s mid-month “ChainCheck” report, Bitcoin Digital Asset Treasuries (DATs) provided a rare positive signal during a period of broad crypto market weakness. From mid-November to mid-December, these corporate entities added 42,000 BTC to their collective balance sheets, representing a 4% month-over-month increase. This marks their most significant accumulation since July 2025, when they purchased 128,100 BTC. The sustained buying has pushed total DAT holdings to 1.09 million BTC, valued at approximately $96.6 billion. This substantial stake now represents roughly 5.5% of Bitcoin’s total supply, underscoring the growing corporate footprint in the digital asset ecosystem.

However, the report notes a caveat to this bullish activity: many of these DATs have seen their market net asset values (mNAVs) drop below 1.0x. This suggests their purchases were made later in the market cycle, potentially at higher average prices, which has impacted the mark-to-market value of their holdings. Despite this, the scale of accumulation indicates a continued strategic commitment to Bitcoin as a treasury reserve asset, even amidst price volatility and negative market sentiment.

The recent buying spree was not evenly distributed. Michael Saylor’s company was the standout actor, accounting for the majority—approximately 29,400 BTC—of the DAT purchases over the past 30 days. Its unique ability to issue common stock to fund Bitcoin acquisitions has provided a distinct advantage. This model, however, may be evolving. VanEck analysts predict a strategic shift for many DATs “to move away from common stock issuance and instead finance BTC purchases with proceeds from preference share sales.” This change could reflect a desire for more flexible or less dilutive capital structures as corporate Bitcoin strategies mature.

This corporate accumulation stands in stark contrast to activity in the Bitcoin exchange-traded product (ETP) space. As DATs were buying, VanEck noted that Bitcoin ETP investors were less bullish, with aggregate holdings declining to 1.31 million BTC. This divergence points to a nuanced institutional landscape where different vehicle types and investor cohorts are responding differently to market conditions.

The corporate accumulation trend is not exclusive to Bitcoin. The report highlights that Tom Lee’s BitMine has been “aggressively buying the dip” in Ether. This activity has propelled the Ethereum DAT sector to a significant milestone, reaching 4 million ETH this week. This stash is valued at $12.3 billion and represents 3.36% of Ethereum’s entire supply, mirroring the strategic treasury buildup seen with Bitcoin.

VanEck’s analysis also delved into the behavior of individual token holders, revealing a clear divergence. There has been “significant movement” and notable balance reductions among medium-term holders, specifically within the 1-2 year, 2-3 year, and 3-5 year cohorts. The analysts interpret this churn as a potential signal of a “short/medium-term price peak,” as older coins that are moved instantly join the newest, most active cohorts. In contrast, the behavior of the most seasoned investors tells a different story. The holdings of the very oldest cohort—tokens unmoved for over five years—have remained steady. “Generally, if a token is not moved for a long time, greater than a few years, it indicates whoever holds it is confident in Bitcoin’s long-term prospects,” the report explained. This stability suggests the most experienced holders are not perturbed by current market conditions.