Glassnode data shows that public companies holding Bitcoin as their primary asset have an aggregate cost basis of about $80,000. Bitcoin has closed above that level every day since September 18, 2026, putting their holdings in unrealized profit, but buying has not resumed at scale.
Strategy bought 267 BTC for $22.1 million, while Strive added 1,223 BTC; Metaplanet instead launched a $122.4 million stock buyback. The source points to weak share valuations and competing capital demands as constraints, and says possible removal from MSCI indexes could reduce demand for the companies’ shares. MSCI’s final list of affected companies is due November 11.
