65% Of Bitcoin Treasuries Are Sitting On Unrealized Losses

"Corporate Bitcoin treasuries faced mark-to-market losses in November, according to an exclusive Corporate Adoption Report from Bitcoin Treasuries. The report, covering more than 100 companies, offers a systematic look at how last month's price drop affected public company holdings. Bitcoin briefly fell below $90,000 in late November. The decline pushed many 2025 buyers into the red. Of the 100 companies for which cost basis is measurable, about two-thirds now sit on unrealized losses at current prices, per the report."

"Despite the volatility, large balance sheets continued to dominate net Bitcoin buying. Strategy, Strive, and a small cohort of high-conviction buyers accounted for most net additions. Strategy alone represented roughly 75% of net new buying after sales. Public Bitcoin treasury equities remain weak versus BTC and broad indices. Still, a minority of companies delivered at least 10% gains over the past 6-12 months."

Bitcoin briefly dipped below $90,000 in late November, producing mark-to-market losses across many corporate treasuries. Of 100 companies with measurable cost bases, roughly two-thirds now hold unrealized losses. Large balance sheets continued to dominate net buying, with Strategy, Strive, and a small group of high-conviction buyers accounting for most additions. Strategy contributed roughly 75% of net new buying and added 9,062 BTC across three November transactions, including an 8,178 BTC purchase on Nov. 17. At least five companies sold BTC in November, with Sequans reducing about one-third of its holdings. Public and private treasuries added over 12,644 BTC in November, and tracked holdings surpassed 4 million BTC. Quarterly accumulation is slowing but remains on track for about 40,000 BTC in Q4 2025.

Read at Bitcoin Magazine