Bitcoin treasury companies are back near break-even

Bitcoin treasury companies are back near break-even. On our Treasury Profit Ratio (Companies) chart (Plus), the bitcoin held by the companies that file with the US SEC was worth less than 10% more than they paid for it at 13:00 UTC on Sunday 25 October, with BTC at $80,372. At 1.0 on that chart, the coins are worth exactly what was paid.

The company everyone watches sits closer to the line. Strategy reports 848,517 BTC bought at an average of $75,449 a coin, as of its 18 October figure. With BTC around $80,000, another 6% drop would put it underwater.

Who holds what

Strategy holds about 76% of the 1,119,691 BTC that the 51 companies we track report, so "treasury companies" mostly means one company. The total is on our free Treasury Balances (Companies) chart. Here are the biggest holders that report a cost, from their latest filings, on our Treasury Average Cost by Company and Treasury Balances by Company charts (Plus):

Three of them are already below the cost in their latest filing: Twenty One Capital, Riot Platforms and Trump Media. MARA and Hut 8 bought early enough to sit on a wide cushion.

Most of this year in the red

This isn't new territory. As a group, these companies were underwater from early February to mid-April and again from late May to 20 August, more than half of the year so far. BTC closed below Strategy's own average cost on 159 days in 2026, the last on 20 August.

The low came on 30 June, when BTC closed at $58,532, its lowest close of the year on our free Price chart. That day the group's coins were worth more than 20% less than they paid, a paper loss of more than $16 billion on our Treasury Net Unrealized P&L (Companies) chart (Plus). Strategy's alone were worth about 23% less than its cost, a paper loss of about $14.4 billion. Today it sits on a paper gain of about $4.2 billion.

The gap with the wider market tells you why. The average bitcoin last moved at $58,706, on our Realized Price chart; the full chart is free with an account. The companies bought later and higher than most holders, so a pullback that leaves the market well in profit takes them close to the line.

Underwater isn't forced selling

The fear on crypto X is a spiral: the price falls, the companies go underwater, they're forced to sell, and the price falls again. Their filings say that's a long way off. Strategy's bitcoin would only fall short of its debt plus the liquidation preference of its preferred stock at about $26,130 a coin, on our Treasury Debt and Preferred Cover Price chart (Plus). For all the treasury companies together, that price is $25,333. At today's price, Strategy's coins would cover about 41 years of its interest and preferred dividends, on our Treasury Fixed-Charge Cover chart (Plus).

Two caveats. Both use each company's latest quarterly report, so preferred stock sold since then isn't in yet. And a company can still choose to sell; these numbers only say its debts don't force it to.

What to watch

• $75,449. Strategy's average cost. BTC came within about $170 of its line on 15 September and turned up. A daily close below it would put the biggest holder underwater for the first time since 20 August.
• The next weekly figure. Strategy has reported new holdings every week since 20 September, adding 2,517 BTC in the four weeks to 18 October. The next one shows whether it bought this dip.
• Buying against new supply. Over the last 90 days, the companies added a net 5,045 BTC on their filings so far, against 41,169 BTC issued to miners, on our Treasury Net Additions vs Issuance chart (Plus). Third-quarter reports will fill in more over the coming weeks.

How we measure it

We read the companies' own filings with the US SEC every hour: quarterly and annual reports and, for companies that announce their holdings by 8-K, those announcements. A company's average cost is the cost basis it reports divided by the coins it reports in the same filing; market value uses our own BTC price, and the open day updates hourly. Filings lag the holdings they report, so recent buys appear only once filed. Companies that don't file with the SEC, funds and ETFs aren't included; the spot ETFs are on our free ETF flows page. Our MVRV guide explains the same value-against-cost idea for the whole market, and the realized price guide explains the market's own cost basis.