Report Highlights 65% of Bitcoin Treasury Companies Facing Major Unrealized Losses

A new analysis from BitcoinTreasuries.Net unveils the significant difficulties Bitcoin-focused treasury companies have encountered since November. It reports that a majority of these firms are experiencing substantial unrealized losses, leading many to liquidate portions of their Bitcoin holdings.

Key Takeaways

Unrealized Losses: Approximately 65% of treasury companies own Bitcoin bought at prices higher than the current market value.
Market Trends: Bitcoin's price experienced a downturn, reaching as low as $90,000 in late November, affecting many buyers from 2025.
Ongoing Demand: Despite the challenges, some major companies continue to acquire Bitcoin and refine their strategies.
Mining Companies: Represented significant new additions to market holdings, accounting for 12% of total public company balances.
Future Outlook: Public corporations are taking a cautious approach, with expectations of adding 40,000 BTC in Q4 2025.

Bitcoin

Market Struggles Continue

According to the analysis of 100 companies with verifiable cost metrics, around 65% of these firms purchased Bitcoin at values that now exceed the current market price. This trend has resulted in considerable unrealized losses for many of these treasury firms. The downturn in the Bitcoin market during late November saw prices dip toward $90,000, impacting buyers from 2025 negatively.

The leading cryptocurrency has since dropped below this critical threshold on Thursday, even in light of the Federal Reserve's recent rate cuts. The analysis reveals that two-thirds of the surveyed companies are currently facing unrealized losses based on the latest market valuations.

Despite this price volatility, several of the largest balance sheets have continued to invest in Bitcoin, with companies like Strategy (formerly MicroStrategy) and Strive playing a significant role in net purchases during November. Importantly, Strategy accounted for nearly 75% of all monthly Bitcoin buys following recent sell-offs.

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Corporate Bitcoin purchases led by Strategy over the past year. Source: BitcoinTreasuries.Net

Mining companies remain key players within the public market for Bitcoin. They represented about 5% of new market additions in November and comprised approximately 12% of the total Bitcoin holdings by public companies.

Bitcoin Demand Remains Strong

Even though Bitcoin treasury holdings have shown relative weakness compared to Bitcoin prices and the broader equity market, many firms are still keen on adding BTC to their balance sheets while refining their capital strategies. BitcoinTreasury.Net's study shows that nearly 50 companies have seen gains of at least 10% over the past 6 to 12 months.

As time goes on, some losses have started to ease for certain firms. Currently, around 140 companies have faced declines of at least 10% over one to three months, with about 105 companies experiencing similar losses year-to-date.

However, not all companies chose to endure the pressures of fluctuating prices. In November alone, at least five firms opted to sell Bitcoin, with Sequans leading the way by offloading around one-third of its holdings.

Looking ahead, the fourth quarter of 2025 is projected to close with about 40,000 BTC added to public company balance sheets. This number is notably below totals from the preceding four quarters and aligns closely with what was added in the third quarter of 2024.

The analysis concludes that while the intense “summer buying frenzy” has subsided, the demand for Bitcoin remains intact. Public corporations are now adopting a more cautious and selective strategy as they reevaluate their recent acquisitions.

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The daily chart shows BTC price’s retrace below the key $90,000 level once again on Thursday. Source: BTCUSDT on TradingView.com

As this article was being written, BTC was trading at $89,920, reflecting a decrease of over 2% in the previous 24 hours. This positions the cryptocurrency 27% below its all-time high of $126,000 achieved in October of this year.

Featured image from DALL-E, chart from TradingView.com