Bitcoin Holdings Bleed: 65% of Public Companies Face Unrealized Losses Amid Market Turmoil
A recent report from BitcoinTreasuries.Net paints a sobering picture for corporate Bitcoin holders, revealing that a significant majority—65%—of publicly traded companies with Bitcoin on their balance sheets are currently grappling with substantial unrealized losses. These findings underscore the turbulent market conditions that have pressured many firms since November, prompting some to divest their digital asset holdings.
Market Turbulence and Corporate Holdings
The in-depth analysis, based on a sample of 100 companies with transparent cost basis measurements, indicates that most acquired Bitcoin at prices now well above its current market valuation. A notable market downturn in late November pushed Bitcoin's spot price towards $90,000, leaving numerous 2025 buyers in a financially precarious position. Despite a recent Federal Reserve rate cut announcement, the leading cryptocurrency has since dipped further, once again falling below this critical $90,000 level. Overall, approximately two-thirds of the surveyed companies are recording significant unrealized losses on their Bitcoin investments.
Strategic Divergence: Accumulation and Divestment
Paradoxically, even amidst prevailing price volatility, some major institutional players continued their Bitcoin accumulation strategies. Firms like Strategy (formerly MicroStrategy) and Strive made significant net additions in November, with Strategy alone responsible for roughly 75% of all monthly corporate purchases following its own earlier sell-offs. Bitcoin mining companies also demonstrated resilience, contributing about 5% of new market additions and collectively holding around 12% of the total balances held by public companies. However, this bullish sentiment wasn't universal, as at least five companies, including Sequans, opted to sell Bitcoin in November, with Sequans offloading a substantial one-third of its total holdings.
Outlook and Evolving Corporate Strategy
Looking ahead, the fourth quarter of 2025 is projected to see approximately 40,000 BTC added to public company balance sheets. While a considerable sum, this figure falls below the totals observed in each of the prior four quarters and aligns more closely with the additions recorded in the third quarter of 2024. The report concludes that while the "summer buying frenzy" has clearly subsided, corporate demand for Bitcoin persists, albeit with a more cautious and selective approach. Companies are now carefully reassessing their recent purchases, adapting their capital-market strategies to navigate the dynamic and often unpredictable cryptocurrency landscape. At the time of writing, Bitcoin trades around $89,920, sitting 27% below its all-time high of $126,000 set in October this year.
