A recent one report from BitcoinTreasuries.Net highlights the significant challenges Bitcoin-focused treasury firms have been facing since November. The findings showed that the vast majority of these companies are now struggling with significant unrealized losses, prompting many to sell significant amounts of their Bitcoin holdings.
The market battle continues
In a sample analysis of 100 companies with reliable cost basis measurements, approximately 65% purchased Bitcoin at prices that are now higher than current market valuecausing a significant number of these government bonds to suffer significant unrealized losses.
The Bitcoin market downturn in late November pushed spot prices to $90,000, putting many buyers at a financial disadvantage starting in 2025.
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Now the market’s leading cryptocurrency fell below this key level on Thursday, despite the announcement of an interest rate cut by the Federal Reserve (Fed). Of the companies surveyed, approximately two-thirds appear to be experiencing unrealized losses based on current market values.
But despite the volatility in prices, some of the largest balance sheets continued to acquire Bitcoin. Companies in particular like it Strategy (formerly MicroStrategy) and Strive contributed significantly to the net increase in November, with Strategy accounting for approximately 75% of all monthly purchases after the sell-off.
Mining companies remain steadfast as the cornerstone of Bitcoin ownership in the public market. In November, they represented about 5% of new additions to the market and about 12% of total balances of listed companies.
Demand for Bitcoin remains strong
Even like Bitcoin treasury stocks While they have shown softness compared to Bitcoin itself and broader equity benchmarks, many companies still pursued strategies to add BTC to their balance sheets while refining their capital markets approaches.
BitcoinTreasury.Net’s analysis shows that almost 50 companies have managed to achieve a gain of at least 10% over the past 6 to 12 months.
Over time, the losses have begun to soften for some. Currently, about 140 companies have experienced declines of at least 10% over a one- to three-month period, while about 105 companies have seen similar declines this year.
However, not all business owners chose to weather the storm of price fluctuations. In November alone, at least five companies decided to sell Bitcoin, with Sequans leading the way by divesting about a third of its holdings.
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Looking ahead, the fourth quarter of 2025 is expected to end with an addition of approximately 40,000 BTC to the balance sheets of listed companies. This figure is significantly lower than the totals from each of the previous four quarters and closely matches the increases in the third quarter of 2024.
The report concluded that despite a marked decline in the ‘summer buying frenzy’, demand for Bitcoin has not entirely waned as public companies adapt to a more cautious and selective approach to revaluing their recent purchases.
At the time of writing, BTC was trading at $89,920, down more than 2% in the past 24 hours. This puts the cryptocurrency 27% behind its all-time high of $126,000 in October this year.
Featured image of DALL-E, chart from TradingView.com