Report Reveals 65% Of Bitcoin Treasury Companies Struggling With Major Unrealized Losses

Overview

A recent report from BitcoinTreasuries.Net reveals that a significant number of Bitcoin-focused treasury companies are currently facing substantial unrealized losses. This situation has led many firms to sell off portions of their Bitcoin holdings, especially following a notable market downturn.

Current Market Challenges

According to the findings, approximately 65% of the 100 companies analyzed, which have reliable cost basis measurements, purchased Bitcoin at prices that now exceed the current market value. This leaves many of these treasuries with major unrealized losses, particularly following Bitcoin’s market downturn in late November, which saw spot prices dip towards $90,000. This downturn has placed financial pressure on buyers from 2025, as they find themselves at a disadvantage.

On a recent Thursday, Bitcoin’s price fell below the $90,000 mark, even in the wake of a Federal Reserve rate cut announcement. The report highlights that about two-thirds of the surveyed companies are currently experiencing unrealized losses based on the current market values of Bitcoin. Despite this volatility, some of the largest balance sheets have continued to acquire Bitcoin. Notably, firms like Strategy (previously MicroStrategy) and Strive were significant contributors to net additions in November, with Strategy accounting for a substantial portion of all monthly purchases following their sell-offs.

Mining companies have also remained a critical component of public market Bitcoin holdings. In November, these firms represented about 5% of new additions to the market and held approximately 12% of the total balances maintained by public companies.

Bitcoin Demand and Company Strategies

Despite the softness in Bitcoin treasury stocks relative to Bitcoin itself and broader equity benchmarks, many companies are still pursuing strategies to increase their Bitcoin holdings while refining their capital-market strategies. The analysis from BitcoinTreasury.Net indicates that nearly 50 firms have managed to achieve gains of at least 10% over the last 6 to 12 months, suggesting that some losses are beginning to soften for certain companies.

However, the report notes that around 140 companies have experienced declines of at least 10% over a 1 to 3 month period, while approximately 105 companies have reported similar declines year-to-date. In November alone, at least five companies opted to sell Bitcoin, with Sequans notably offloading around one-third of its holdings.

Looking ahead, projections suggest that the fourth quarter of 2025 may conclude with about 40,000 BTC added to public company balance sheets. This anticipated figure is notably lower than the totals recorded in each of the preceding four quarters and closely aligns with the additions seen in the third quarter of 2024. The report concludes that while there has been a noticeable easing in the “summer buying frenzy,” demand for Bitcoin has not entirely waned. Public corporations are adapting to a more cautious and selective approach as they reassess their recent purchases.

From author

The findings of this report underscore a challenging period for Bitcoin treasury companies, reflecting the broader volatility in the cryptocurrency market. The significant unrealized losses reported by many firms indicate a critical juncture for these companies, as they navigate the complexities of market fluctuations and their investment strategies.

Impact on the crypto market

• A large percentage of Bitcoin treasury companies facing unrealized losses may affect overall market sentiment.
• Continued sell-offs from firms could lead to increased market volatility and further price declines.
• The cautious approach adopted by public corporations may slow down Bitcoin accumulation, influencing its long-term demand.
• Mining companies’ stability may provide some support to Bitcoin’s market presence despite broader challenges.
• The decrease in expected Bitcoin additions to public company balance sheets may signal reduced market confidence among institutional investors.