Why are Bitcoin treasury companies losing money?

These companies are losing money because Bitcoin's price has dropped significantly from its recent highs, leaving them with substantial unrealized losses on their holdings.

How much has Metaplanet lost on Bitcoin?

Metaplanet has incurred approximately $530 million in unrealized losses on its Bitcoin holdings as of early December.

What has happened to the stock prices of Bitcoin treasury firms?

The stock prices of many Bitcoin treasury firms have plunged, with some experiencing declines of over 95%, reflecting the market's loss of confidence.

Home / Business and Economy / Bitcoin Treasuries Face Billions in Losses

Bitcoin Treasuries Face Billions in Losses

6 Dec, 2025

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Summary

Companies holding Bitcoin near peak prices now face significant unrealized losses.
Metaplanet and Nakamoto report substantial unrealized losses on Bitcoin holdings.
Equity premiums for treasury companies have largely vanished or inverted.

Bitcoin Treasuries Face Billions in Losses

Several companies that embraced Bitcoin as a treasury asset are now facing substantial financial difficulties. As Bitcoin's price has fallen from its recent highs, businesses that acquired the cryptocurrency near its peak are accumulating significant unrealized losses, with some exceeding hundreds of millions of dollars. This downturn highlights the volatility inherent in digital assets.

Metaplanet, which holds over 30,000 Bitcoin with an average purchase price around $108,000, is currently facing unrealized losses of approximately $530 million. Similarly, Nakamoto and Semler Scientific are also reporting multi-million dollar unrealized losses. Even Strategy, the largest Bitcoin treasury company, has seen its previously vast unrealized gains shrink dramatically.