A new study from BitcoinTreasuries.Net underscores the significant obstacles confronted by Bitcoin-centric treasury firms since November. The analysis indicates that a large majority of these companies are currently dealing with considerable unrealized losses, leading many to liquidate substantial portions of their Bitcoin reserves.
Ongoing Market Challenges
In an assessment of 100 firms with accurate cost basis data, around 65% acquired Bitcoin at prices now above the current market rate, resulting in a significant number of these treasuries carrying large unrealized losses.
Bitcoin’s market decline in late November dropped spot prices toward $90,000, putting many buyers from 2025 at a financial disadvantage.
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Currently, the leading cryptocurrency has dipped below this crucial threshold on Thursday, despite the Federal Reserve (Fed) announcing a rate cut. According to the surveyed companies, approximately two-thirds are holding unrealized losses based on current market valuations.
Nonetheless, in the face of price volatility, some of the largest balance sheets continued to accumulate Bitcoin. Notably, entities like Strategy (formerly MicroStrategy) and Strive made considerable contributions to net purchases in November, with Strategy accounting for nearly 75% of all monthly acquisitions following their sell-offs.
Mining companies continue to serve as a backbone of public market Bitcoin accumulations. In November, they accounted for about 5% of new market additions and around 12% of total balances held by public entities.
Steady Bitcoin Demand
Though Bitcoin treasury assets have displayed weakness relative to Bitcoin itself and wider equity benchmarks, many companies remained committed to strategies that involve increasing their BTC holdings while enhancing their capital-market strategies.
BitcoinTreasury.Net’s review shows that nearly 50 firms have achieved gains of at least 10% over the past 6 to 12 months.
Gradually, losses have started to ease for some entities. Presently, around 140 firms have reported declines of at least 10% over a 1 to 3 month span, while approximately 105 companies have experienced similar falls year-to-date.
However, not every corporate holder chose to endure the fluctuations in prices. In November alone, at least five firms opted to divest Bitcoin, with Sequans leading the way by offloading about one-third of its holdings.
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Looking ahead, the fourth quarter of 2025 is projected to conclude with approximately 40,000 BTC added to company balance sheets. This figure is noticeably lower than the totals from each of the preceding four quarters and is closely aligned with the additions witnessed in the third quarter of 2024.
The report emphasized that despite a noticeable decline in the “summer buying frenzy,” the demand for Bitcoin has not entirely waned, as public corporations are adjusting to a more cautious and selective strategy while reassessing their recent acquisitions.
At the time of writing, BTC was trading at $89,920, down over 2% in the last 24 hours. This positions the cryptocurrency 27% below its all-time high of $126,000 set in October of this year.
Featured image from DALL-E, chart from TradingView.com
