- Most companies holding Bitcoin face unrealized losses as prices hover near $90,000.
- Firms sold a net total of 10,750 Bitcoin in November despite some selling activity.
- A small group of companies drove most Bitcoin purchases, with Strategy responsible for 72% of buys last month.
- 65% of sampled firms acquired Bitcoin above $90,000, leading to significant mark-to-market losses.
- Only 28 companies disclosed Bitcoin purchases in November, including around 60 new buyers overall this year.
In June 2025, many companies owning Bitcoin reported unrealized losses as the cryptocurrency’s price fluctuated around $90,000, according to a 122-page report published by Bitcoin Treasuries. Despite some firms selling Bitcoin amid the price decline to as low as $81,000, net purchases remained positive, with companies acquiring 10,750 Bitcoin last month.
Five companies, including miner Hut 8 and treasury firm Sequans, sold a combined 1,900 Bitcoin in May. Most purchases, however, were driven by a few dedicated treasury-focused companies. One firm, Strategy, accounted for 72% of the total Bitcoin acquired in November, purchasing roughly 9,000 Bitcoin. The report highlighted significant mark-to-market pressure impacted many firms, pushing numerous buyers into unrealized losses for 2025.
Analysis of 100 companies revealed that 65% bought Bitcoin at prices above $90,000. These purchases resulted in substantial unrealized losses amid current market conditions, including companies that invested heavily earlier this year during peak interest. Among notable firms with recent low average costs per Bitcoin are payments infrastructure provider Block and automaker Tesla, which paid below $30,000 per Bitcoin. Their holdings were valued at approximately $1 billion and $786 million, respectively.
On the higher end of acquisition prices, Trump Media & Technology Group (owner of Truth Social) and design software company Figma, which went public in July, purchased Bitcoin at an average price of around $120,000. Both companies have made only one Bitcoin purchase each within the last few months.
The report noted that while the current situation does not indicate widespread financial distress, it requires risk committees and boards to consider the impact of entering the market at elevated price levels and relying on long-term Bitcoin appreciation to justify treasury decisions.
Bitcoin-buying activity has slowed this year as initial enthusiasm in public markets has diminished. Since January, 164 companies disclosed Bitcoin purchases, but only 28 reported purchases last month. Among these recent buyers, approximately 60 were first-time purchasers who had not previously disclosed any Bitcoin acquisitions.
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