Most Bitcoin treasury companies have purchased the cryptocurrency above current market prices, leaving 65% with significant unrealized losses. A report from BitcoinTreasuries.Net analyzed 100 firms with reliable cost measurements and found approximately two-thirds bought BTC at levels now exceeding market value.
What Happened: Treasury Holdings Underwater
The analysis examined companies maintaining detailed cost basis records for their Bitcoin holdings. Market prices fell below purchase levels for roughly 65% of these firms, creating substantial paper losses across corporate balance sheets.
Bitcoin retreated below the $90,000 threshold Thursday despite the Federal Reserve announcing a rate cut. About 140 companies recorded declines of at least 10% over one to three months, while approximately 105 firms experienced similar drops year-to-date.
Strategy — formerly MicroStrategy — and Strive continued accumulating Bitcoin through November despite market weakness. Strategy alone accounted for roughly 75% of monthly corporate purchases following earlier sell-offs by other firms.
Mining companies maintained their position as steady holders, representing about 5% of November additions and 12% of total public company balances. At least five companies sold holdings during the month, with Sequans offloading approximately one-third of its position.
The fourth quarter of 2025 is projected to close with around 40,000 BTC added to corporate treasuries, matching third-quarter 2024 levels but falling short of recent quarterly totals.
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Why It Matters: Selective Buying Returns
Nearly 50 firms achieved gains of at least 10% over the past six to 12 months, demonstrating that timing and cost basis remain critical factors.
The data suggests a shift from aggressive accumulation toward more measured purchasing strategies as companies reassess recent positions.
Corporate demand persists despite the pullback from what the report termed a "summer buying frenzy." Companies continue adding Bitcoin to balance sheets while refining their capital market approaches, indicating sustained institutional interest despite near-term price pressure.
BTC traded at $92,223 at press time, sitting 23% below its all-time high of $126,000 reached in October.
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