Bitcoin-Buying Firms Face Unrealized Losses as Prices Dip

The 122-page report from data provider Bitcoin Treasuries paints a challenging picture for corporate Bitcoin holders. Analyzing a sample of 100 companies, the study found that 65% purchased Bitcoin for more than $90,000 per coin. With the asset’s price recently dipping as low as $81,000 and struggling to maintain levels above $90,000, this has left a clear majority of these corporate treasuries underwater on their investments. The report specifically noted “substantial mark-to-market pressure” that dragged “many 2025 buyers into the red,” including those that sought to capitalize on one of Wall Street’s hottest trends earlier this year.

This widespread unrealized loss scenario creates a delicate situation for financial officers and risk committees. As the report cautions, while this does not yet indicate widespread distress, it “does force risk committees and boards—many at cycle‑high conviction—to confront the downside of averaging into elevated prices and relying on long-term upside to validate treasury decisions.” The strained balance sheets highlighted in the report could prompt a strategic reassessment for numerous Bitcoin-buying firms, especially if market conditions worsen.

The report reveals a sharp divide in corporate Bitcoin strategies, largely defined by timing. Early and consistent adopters like payments infrastructure provider Block and automaker Tesla have maintained remarkably low cost bases. According to the data, these companies paid an average cost below $30,000 per Bitcoin. As a result, despite price volatility, their holdings remain substantially in profit, with Tesla’s stash valued around $1 billion and Block’s around $786 million at report time.

In stark contrast, newer entrants to the corporate Bitcoin arena purchased at far higher prices. The report highlights Trump Media & Technology Group, the company behind Truth Social, and design software giant Figma, which went public in July. Each company made a single, sizable purchase within the past few months at around $120,000 per Bitcoin. This price point, significantly above recent trading levels, leaves these high-profile holders particularly vulnerable to mark-to-market losses and exemplifies the risks of entering a volatile asset class at a market peak.

Despite the backdrop of unrealized losses, corporate America was a net buyer of Bitcoin last month. On a net basis, private and public companies added 10,750 Bitcoin to their treasuries in November. However, this headline figure masks a significant shift in market participation. The report attributes this net growth primarily to “a small number of dedicated treasury companies that are aggressively building their holdings.” Notably, a firm named Strategy accounted for a staggering 72% of total purchases in the month, buying roughly 9,000 Bitcoin.

Beyond this concentrated buying, the broader trend shows a dramatic cooling of corporate interest. The report found that while 164 companies have disclosed a Bitcoin purchase since January, only 28 firms reported a purchase last month. This sharp decline from the flood of corporate entrants earlier in the year suggests the hype surrounding crypto as a corporate treasury asset has significantly cooled. The data provider notes this group of 28 includes around 60 first-time buyers who have not announced a purchase since their initial entry, indicating many may be adopting a wait-and-see approach.

Adding to the narrative of caution, the report identified specific firms moving to reduce exposure. Five companies, including Bitcoin miner Hut 8 and treasury firm Sequans, collectively sold 1,900 Bitcoin last month as the asset’s price fell. This selling activity, though offset by larger purchases elsewhere, points to the early stages of portfolio rebalancing and risk management as some corners of the industry anticipate a potential “crypto winter.” The evolving behavior of corporate treasuries will be a critical indicator of institutional sentiment in the volatile months ahead.