Bitcoin Treasury Firms Face Unrealized Losses as Prices Hover Near $90,000
A comprehensive 122-page Bitcoin Treasuries report has analyzed 100 treasury firms, revealing that the majority hold unrealized losses as Bitcoin trades near $90,000. Net Bitcoin purchases in November totaled 10,750 BTC, with five firms, including Hut 8 and Sequans, selling a combined 1,900 BTC amid price declines to as low as $81,000.
Strategy made significant contributions in November, accounting for about 72% of the month's total purchases, roughly 9,000 BTC. Notably, 65% of the 100 firms acquired Bitcoin at prices exceeding $90,000 per BTC, resulting in many unrealized losses.
Some notable holders with low cost bases include Block and Tesla, whose average costs fall below $30,000 per BTC; these holdings are valued at approximately $1 billion and $786 million respectively. Conversely, Trump Media & Technology Group (Truth Social) and Figma purchased BTC at around $120,000 per BTC, with each having completed only a single purchase in recent months.
The report highlights risks that mark-to-market pressure could compel risk committees and boards to reconsider their treasury strategies amid a potential crypto winter. Since January, 164 companies disclosed BTC purchases, although last month only 28 disclosed, including about 60 first-time buyers in the dataset.
