Key Takeaways
- With Bitcoin trading close to $100,000, BTC treasury firms have seen the value of their assets dwindle.
- At least 24 companies are currently sitting on unrealized losses.
- Companies in the red include Trump Media and Metaplanet.
Bitcoin’s latest dance around the $100,000 mark has left more than a few corporate treasuries sweating.
The same companies that once flaunted their crypto holdings as badges of innovation are now quietly sitting on paper losses.
From Trump Media to Metaplanet, the Bitcoin bet that was supposed to make balance sheets shine has turned into an uncomfortable waiting game.
Bitcoin Treasuries in the Red
There’s no single definitive source for tracking Bitcoin treasury costs, but both bitcointreasuries.net and CoinGecko maintain databases based on public filings and on-chain data.
As of Nov. 5, bitcointreasuries.net shows 51 companies holding Bitcoin at a loss, while CoinGecko’s dashboard points to at least 24 firms currently in the red.
Topping the list is KindlyMD, which purchased 5,674.9 BTC at an average cost of $117,782 per coin.
Other high-cost buyers include Empery Digital, K33, Sequans Communications, and Strive, all of which paid more than $115,000 per coin on average.
Trump Media, which poured $2 billion into Bitcoin and BTC-tracking securities in July when prices hovered near $107,000, is now down 6.3%, with $126.6 million in unrealized losses.
Metaplanet, one of the world’s largest corporate Bitcoin holders, isn’t faring much better.
Its holdings are worth roughly 5.9% less than their purchase price, translating to a paper loss of $194.9 million.
Ethereum-focused treasuries are also under pressure.
With ETH slipping below $3,500 on Tuesday, firms like Bitmine and Sharplink have seen their positions fall below cost as well.
Companies With Unrealized BTC Losses
| Company |
BTC Holdings |
Average Price Paid (USD) |
Unrealized Loss (USD) |
Loss (%) |
| KindlyMD |
5,764.91 |
117,782 |
90,981,810 |
13.4% |
| Empery Digital (Volcon) |
4,081.62 |
117,511 |
63,310,008 |
13.2% |
| K33 AB |
126.00 |
116,787 |
1,863,162 |
12.7% |
| Sequans Communications S.A. |
3,205.00 |
116,653 |
46,962,865 |
12.6% |
| Strive |
5,886.00 |
116,046 |
82,674,756 |
12.1% |
| Quantum Solutions |
11.57 |
114,220 |
141,385 |
10.7% |
| B HODL |
148.00 |
113,614 |
1,718,872 |
10.2% |
| The Smarter Web Company PLC |
2,660.00 |
111,054 |
24,083,640 |
8.2% |
| POP Culture Group Co. Ltd. |
300.00 |
110,000 |
2,400,000 |
7.3% |
| CIMG |
500.00 |
110,000 |
4,000,000 |
7.3% |
| Prenetics |
378.42 |
109,085 |
2,681,106 |
6.5% |
| Bitcoin Treasury Capital |
187.30 |
108,922 |
1,296,491 |
6.4% |
| Capital B |
2,818.00 |
108,588 |
18,564,984 |
6.1% |
| Trump Media & Technology Group Corp. |
18,430.00 |
108,519 |
120,145,170 |
6.0% |
| DDC Enterprise Limited |
1,008.00 |
108,384 |
6,435,072 |
5.9% |
| Metaplanet |
30,823.00 |
108,070 |
187,095,610 |
5.6% |
| Bitcoin Treasury Corp |
771.40 |
107,685 |
4,385,409 |
5.3% |
| Galaxy Digital Holdings Ltd |
17,102.00 |
105,485 |
59,600,470 |
3.3% |
| OranjeBTC |
3,701.00 |
105,420 |
12,657,420 |
3.2% |
| Coinsilium |
182.00 |
105,182 |
579,124 |
3.0% |
| Belgravia Hartford Capital |
83.13 |
104,937 |
244,153 |
2.8% |
| London Bitcoin Company (formerly Vinanz) |
85.97 |
103,137 |
97,748 |
1.1% |
| Thumzup Media |
9.78 |
102,220 |
2,152 |
0.2% |
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*Based on BTC price of $102,000 and CoinGecko data.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
