Some Bitcoin Buying Firms Are Selling as Losses Pile Up on Paper: Report

With Bitcoin hovering around the $90,000 mark on Wednesday, a majority of Bitcoin-buying firms faced unrealized losses, according to a 122-page report published by Bitcoin Treasuries.

The data provider also found that five firms, including miner Hut 8 and treasury firm Sequans, collectively sold 1,900 Bitcoin last month, as the asset’s price fell as low as $81,000. Still, on a net basis, private and public companies stacked 10,750 Bitcoin last month.

“This latest growth is due to a small number of dedicated treasury companies that are aggressively building their holdings,” the report added, with Strategy’s buying accounting for 72% of total purchases in November at roughly 9,000 Bitcoin.

The report noted that “substantial mark-to-market pressure” was revealed for a number of Bitcoin-buying firms last month, “dragging many 2025 buyers into the red.”

Bitcoin Treasuries found, in a sample of 100 companies, that 65% bought Bitcoin for more than $90,000, leaving “a clear majority of these treasuries with unrealized losses,” including those that sought to capitalize on one of Wall Street’s hottest trends earlier this year.

Among the most recognizable names with the lowest cost bases, payments infrastructure provider Block and automaker Tesla, have paid an average cost of below $30,000 per Bitcoin. Tesla and Block’s holdings were valued around $1 billion and $786 million, respectively.

Trump Media & Technology Group, the company behind Truth Social, and design software giant Figma, which went public in July, purchased the asset for around $120,000 per Bitcoin. And each company has purchased the asset only once, within the past few months.

With some corners of the industry anticipating a so-called crypto winter, the report noted that the strained balance sheets could force a rethink for a number of Bitcoin-buying firms.

“This does not yet point to widespread distress, but it does force risk committees and boards—many at cycle‑high conviction—to confront the downside of averaging into elevated prices and relying on long-term upside to validate treasury decisions,” the report stated.

Toward the beginning for this year, crypto treasury firms began flooding public markets, devoting themselves to buying digital assets as the novel sector formed. However, as the hype surrounding them has cooled, so has their Bitcoin-buying activity.

The report found that 164 companies have disclosed a Bitcoin purchase since January, while only 28 firms reported a purchase of the asset last month. Still, the data provider says that includes around 60 first-time buyers, who have not announced a Bitcoin purchase since.