A new industry report shows that most corporate Bitcoin buyers are now under water, with several firms trimming their holdings as prices dipped last month.
A growing number of companies that bought Bitcoin earlier this year are now facing significant unrealized losses, according to a new 122-page report released by Bitcoin Treasuries. With Bitcoin trading near $90,000 on Wednesday—after briefly touching $81,000 last month—the majority of corporate buyers now sit below their cost basis.
The research examined the behavior of both private and public firms and found that, although overall corporate accumulation continued in November, the internal picture is more mixed. A net total of 10,750 BTC was added to company balance sheets, but that growth was concentrated among a small cluster of aggressive treasury-focused buyers.
Bitcoin Treasuries notes that one such firm, Strategy, was responsible for roughly 72% of all corporate purchases last month, accumulating close to 9,000 BTC. That level of concentration suggests that enthusiasm for Bitcoin as a treasury asset is becoming narrower rather than broad-based.
While many companies held steady, a handful opted to reduce exposure during the market downturn. Five firms—including miner Hut 8 and treasury firm Sequans—collectively sold 1,900 BTC as prices slid toward monthly lows. These sales highlight the increasing strain felt by firms that bought in at cycle highs.
Bitcoin Treasuries found that 65% of companies in its 100-firm sample bought Bitcoin at prices above $90,000, meaning most recent entrants are now holding Bitcoin at a loss. The report describes this as “substantial mark-to-market pressure,” pushing many 2025 buyers underwater just months after entering the market.
Unrealized losses mount across corporate Bitcoin holders
The report also underscores the growing gap between legacy Bitcoin treasury adopters and newcomers. Firms like Block and Tesla, which purchased BTC at an average cost below $30,000, remain comfortably in the green. Their holdings are now valued at approximately $786 million and $1 billion, respectively.
By contrast, newer buyers—such as Trump Media & Technology Group and design-software giant Figma—acquired Bitcoin near $120,000 per coin. With only one disclosed purchase each, both firms are now sitting on steep paper losses as market enthusiasm cools.
The report warns that while current conditions do not indicate widespread distress, they do require internal risk committees to rethink their strategies. Bitcoin Treasuries writes that boards “must confront the downside of averaging into elevated prices and relying on long-term upside to validate treasury decisions.”
Corporate interest in Bitcoin surged early in the year, with treasury firms racing to list publicly and pitch Bitcoin accumulation as a long-term strategic move. However, as excitement around the sector has faded, so has purchasing activity.
Since January, 164 companies have publicly disclosed a Bitcoin purchase. But only 28 firms reported buying BTC last month—a dramatic slowdown from the early-year rush. The data also shows that nearly 60 companies bought Bitcoin once and have made no further additions since, highlighting the cautious shift underway across corporate treasuries.
While some firms remain committed to large-scale accumulation, the latest findings show a market increasingly shaped by uneven sentiment, thinning conviction, and growing financial pressure as price volatility persists.
