A recent report by Bitcoin Treasuries has painted a stark picture of the current state of Bitcoin investment among firms, revealing that the majority are grappling with unrealized losses as the cryptocurrency hovers around the $90,000 mark. The findings outline the precarious position of many companies, with 65% of those surveyed having purchased Bitcoin at prices exceeding $90,000, thereby placing them at a significant disadvantage.
Last month, companies collectively sold 10,750 Bitcoin, indicating a notable shift in market activity. Among these, five firms, including notable names such as miner Hut 8 and treasury management firm Sequans, reported selling a total of 1,900 Bitcoin as prices dipped to as low as $81,000. Contrarily, despite the backdrop of sales, the report highlights that private and public companies still managed to stack 10,750 Bitcoin in total during the month. This uptick in purchases has been attributed primarily to a small number of dedicated treasury firms aggressively building their holdings, with Strategy’s buying alone representing 72% of the total purchases in November, equating to approximately 9,000 Bitcoin.
The analysis points to “substantial mark-to-market pressure” facing numerous Bitcoin-investing firms, particularly affecting those that acquired their assets at higher price points. This trend threatens to push many firms, who acquired Bitcoin in 2025, firmly into the red, prompting them to reassess their strategies amidst the uncertainty.
Among those highlighted in the report, payments infrastructure provider Block and automaker Tesla have managed to maintain lower average cost bases, each securing Bitcoin for under $30,000. The estimated current value of Tesla’s holdings stands at around $1 billion, while Block’s is valued at approximately $786 million. Conversely, Trump Media & Technology Group and design software firm Figma, which recently went public, were noted for purchasing Bitcoin at around $120,000 each, introducing an acute level of risk considering market fluctuations.
As the industry enters a phase often described as a “crypto winter,” the report suggests that the challenges presented by strained balance sheets might compel Bitcoin-investing firms to reevaluate their strategies. While the situation does not yet indicate widespread distress, it is pushing risk committees and boards to confront the realities of averaging into elevated prices—the phenomenon of continuously investing into a rising market—while relying on the expectation of long-term gains to justify treasury decisions.
In a broader context, the report underscores a decline in Bitcoin-buying enthusiasm among companies. While 164 firms disclosed Bitcoin purchases since the beginning of the year, only 28 reported any activity last month. This includes about 60 first-time buyers who have remained silent regarding their investments after their initial purchases.
As the cryptocurrency landscape continues to evolve, firms are facing a critical juncture, raising questions about the sustainability of current investment strategies and the implications of past decisions as they navigate the volatile market.
