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Bitcoin Treasuries Drowning in Losses
18 Sep
Summary
- Corporate Bitcoin holdings are at an unrealized loss.
- Recent capital inflows into Bitcoin have stalled.
- Companies bought significantly less Bitcoin recently.
Corporate Bitcoin treasuries are currently underwater on their holdings, with an aggregate cost basis of $80,500, about 6% above the current spot price. This means companies holding Bitcoin as a treasury asset are experiencing unrealized losses. As a result, new capital inflows into Bitcoin have stalled this week, and corporate acquisition rates have plummeted.
In 2026, listed companies purchased only about 5,900 BTC, a stark contrast to the 89,000 BTC acquired in July 2025 alone. The recent price action has made it difficult for Bitcoin to sustain levels above the corporate cost basis, with only two unsuccessful attempts to reclaim $80,500 this year. Business intelligence company Strategy, a major Bitcoin holder, last purchased BTC at the end of August, with its holdings' cost basis at $75,412.
The Federal Reserve's recent interest-rate hike, its first since July 2023, adds to the cautious sentiment, potentially creating headwinds for crypto market liquidity. US spot Bitcoin ETFs saw net outflows totaling $462.7 million in the five trading days through September 11, reversing a trend of consistent inflows. Bitcoin's realized cap has also begun to fall, indicating a lack of fresh buyer appetite at current prices.
