BTC: Treasury Net Realized Profit/Loss (Companies)
Shown as its 2019–2022 sample; the latest readings and full history are included with Plus.
The estimated profit or loss that SEC-filing companies realized when they sold bitcoin from their treasuries, by company.
Why use it. Shows whether company treasuries sell at a gain or at a loss: sales at a loss mark holders giving up under pressure, sales at a gain holders taking profit. How to read it. Bars sit on the date of the filed figure that shows the fall in holdings; each band is one company and the bands add up to the total. Positive values are estimated gains, negative values losses. A quarterly figure puts a whole quarter's sales on its quarter end; weekly announcements place them within the week.
Calculation. For each fall of a company's filed holdings between two consecutive figures: the coins sold (the earlier holdings minus the later) x (our average daily BTC/USD close over the days of that interval minus the company's average cost per coin at the earlier figure, its filed cost basis divided by its holdings). Companies with estimated sales so far include Riot Platforms, Strategy, MARA Holdings, Exodus Movement, Core Scientific, Hut 8, Silvia and Empery Digital. Source: the companies' own filings with the US SEC (EDGAR), read by CryptoKeyhole twice an hour into our treasury ledger (the same figures as the company treasury balance chart), and our own daily BTC/USD price. Figures come from their 10-Q and 10-K reports and, for companies that announce their holdings by 8-K (such as Strategy), those announcements; each company's figure counts from the date it refers to. Limitations: this is an estimate. Filings rarely state when coins were sold or for how much, so the sale price is our average price over the interval, and only net falls between two figures are seen: coins sold and replaced in the same interval (a miner selling what it mines, a company buying while it sells) are not counted, so sales are understated, most for companies that report only quarterly. A fall is counted only when the earlier figure comes with a filed cost basis; before 2025 few companies filed one (most carried bitcoin at cost less impairment), so the early years rest mainly on Strategy. Where a company's own 10-Q or 10-K states its bitcoin sold in the quarter (a number of coins, or the amount of crypto sold; for the quarter, or its year to date less the report before) and it comes to less than half of the quarter's falls, those falls are not counted: the coins left some other way (Gemini's falls in late 2025 and early 2026 were mainly repayments of borrowed bitcoin; its annual report states no bitcoin sold in the fourth quarter of 2025). A company whose coins sit inside another filer's consolidated figure counts once, in that filer (FF EAI Robotics Ecosystem in Faraday Future, American Bitcoin in Hut 8). Not counted either: GameStop, Trump Media & Technology Group and CleanSpark, whose filed holdings leave out coins they pledged or posted as collateral, so a fall in their figure can be coins pledged rather than sold; companies that file no cost basis (Coinbase Global and Galaxy Digital among them); an acquired company leaving the totals. Gains and losses as the companies account for them (tax lots, first-in-first-out, impairment before 2025) differ from this average-cost estimate. Only companies that file with the US SEC are covered.