64 of 90 Bitcoin Treasury Companies Face Unrealized Losses

At $73,607, bitcoin left 64 of the 90 listed digital asset treasury companies with disclosed purchase costs in unrealized losses in the November 12 snapshot taken at 01:32 UTC.

The dataset covered 173 listed companies holding a combined 1,301,532 BTC. The 90 companies that disclosed average purchase costs accounted for 82.6% of those holdings, and 91.3% of the bitcoin in that disclosed-cost group was underwater.

The disclosed-cost cohort

More than half of digital asset treasury companies with disclosed costs held bitcoin worth less than they paid. Their returns varied widely because purchase timing differed, exposing how the same bitcoin price can produce sharply different balance-sheet outcomes.

• Strategy, the largest holder, held 850,363 BTC at an average purchase price of $75,455. At $73,607, its position carried a 2.4% unrealized loss, and bitcoin needed to rise 2.5% to reach Strategy's cost basis.
• The return calculations excluded Twenty One Capital and MARA Holdings because neither had disclosed average purchase costs. They held 43,514 BTC and 35,577 BTC, respectively.

The 64-of-90 company count and the 91.3% asset measure use different denominators: the first counts eligible companies, while the second weighs their bitcoin holdings. The wider group of 173 listed companies held 1,301,532 BTC, but its non-disclosing members could not enter the return ranking.

Major holders and Korean listings

Among companies holding at least 1,000 BTC, 13 were below their disclosed average purchase costs. The losses and gains within that group varied materially:

• Metaplanet was 16.9% below cost.
• Strive was 16.2% below cost.
• Trump Media & Technology Group Corp. was 37.9% below its $118,529 average purchase price, the largest loss among holders with at least 1,000 BTC.
• Next Technology Holding had a 134.5% unrealized gain against an average cost of $31,386.

The spread shows why a common bitcoin price does not produce equal treasury results. Strategy's 2.4% unrealized loss, Trump Media's 37.9% loss and Next Technology's 134.5% gain coexisted at the same reported bitcoin price, making each issuer's purchase history central to valuation.

South Korea's five listed companies in the data were led by Bitmax with 551 BTC.

• Bitplanet, Bitmax and Wemade were below cost by 30.2%, 28.5% and 21.7%, respectively.
• Neowiz Holdings had a 27.7% unrealized gain.
• Parataxis Korea had not disclosed its purchase cost.

In the November 6 comparison, bitcoin traded at $75,930 and 62 of the 90 cost-disclosing companies were below cost. Four companies increased their holdings over the comparison period; the three largest increases were Strategy at 1,036 BTC, American Bitcoin at 927 BTC and Block at 205 BTC.

What does this change for treasury operators and investors?

Digital asset treasury companies, also called DAT companies, are listed companies that buy and hold digital assets such as bitcoin as treasury assets. The analysis compares the snapshot bitcoin price with average purchase costs and excludes fees, taxes and borrowing costs.

For investors, the practical distinction is denominator discipline. The 64-of-90 count applies only to companies with disclosed average costs, while the 91.3% figure applies only to bitcoin held by those 90 companies. Neither percentage measures the full 173-company universe, and investors cannot rank Twenty One Capital, MARA Holdings or Parataxis Korea on this basis until they disclose comparable costs.

For treasury operators, purchase timing and funding costs sit beside the BTC balance in any assessment of treasury strategy. These figures measure price relative to an average purchase price; they do not measure total shareholder return or the fees, taxes and borrowing costs excluded from the calculation.

Further purchases by Strategy, American Bitcoin and Block can reshape the disclosed-cost cohort, while new purchase-cost disclosures could reset the 64-of-90 comparison.