Our headline finding: in a sample of 100 companies where cost basis can be reliably measured, an estimated 65% bought Bitcoin above current market prices, leaving a clear majority of these treasuries with unrealized losses.

Overall, the report provides the strongest evidence yet that headline BTC balances can conceal substantial mark‑to‑market pressure when the asset price corrects.

Majority of treasuries appear underwater on Bitcoin buying

Big treasuries still dominate the bid

Miners remain systemically important Bitcoin holders

Treasury stocks are weak, but long-term value remains

Not every corporate holder chose to ride out the volatility. At least five companies sold Bitcoin in November, led by Sequans’ decision to dispose of roughly one‑third of its holdings.

Quarterly momentum is cooling, not collapsing Q4 2025 is projected to close with approximately 40,000 BTC added to public company balance sheets – below each of the prior four quarters, and roughly in line with Q3 2024.