Corporate Bitcoin Treasuries Struggle with Unrealized Losses
- In the last three months, corporate treasuries acquired only 5,900 BTC, significantly lower than previous acquisition rates.
- The average cost basis for these holdings is approximately $80,500, leaving companies in a state of unrealized losses.
- Only two attempts in 2026 to reclaim the cost basis were made, both failing as prices could not hold above it.
- Strategy, which holds the largest Bitcoin treasury, added 4,603 BTC at a cost basis of $75,412.
- US spot Bitcoin exchange-traded funds (ETFs) experienced net outflows of $462.7 million over five trading days through September.
- Bitcoin’s realized cap has decreased since September 15, indicating reduced buyer interest at current price levels.
The data reflects a cautious market sentiment as corporate treasuries face significant unrealized losses and struggle to attract new investment amid tightening macroeconomic conditions.
With corporate treasuries adding just 5,900 BTC in recent months and holding an average cost basis above current prices, the outlook remains challenging for institutional investors.Source
