Most Bitcoin treasuries are incurring losses, and some are considering selling BTC.

Source: PortaldoBitcoin Original Title: Most Bitcoin Treasuries Are Incurring Losses and Some Are Considering Selling BTC Original Link: With Bitcoin fluctuating around the US$ 90,000 mark, the majority of Bitcoin buying companies are experiencing unrealized losses, according to a 122-page report published by Bitcoin Treasuries.

The data provider also found that five companies, including mining firm Hut 8 and treasury company Sequans, collectively sold 1,900 bitcoins last month, as the asset’s price fell to US$ 81,000. Still, in net terms, private and public companies accumulated 10,750 Bitcoins last month.

“This recent growth is due to a small number of dedicated treasury companies aggressively increasing their reserves,” the report added, with one company’s treasury purchases accounting for 72% of total acquisitions in November, about 9,000 bitcoins.

The report noted that a “substantial mark-to-market pressure” was revealed for several Bitcoin buying companies last month, “causing many 2025 contract holders to incur losses.”

Bitcoin Treasuries found, in a sample of 100 companies, that 65% bought Bitcoin at prices above US$ 90,000, leaving “a clear majority of these treasuries with unrealized losses,” including those that sought to capitalize on one of Wall Street’s hottest trends earlier this year.

Among the most recognizable names with the lowest cost bases, payments infrastructure provider Block and automaker Tesla paid an average cost of less than US$ 30,000 per Bitcoin. Tesla’s and Block’s holdings were valued at approximately US$ 1 billion and US$ 786 million, respectively.

Trump Media & Technology Group, the company behind Truth Social, and design software giant Figma, which went public in July, bought the asset at around US$ 120,000 per Bitcoin. And each company acquired the asset only once in recent months.

With some industry sectors predicting a crypto winter, the report noted that fragile balance sheets could force many Bitcoin buying companies to reconsider.

“This does not yet indicate a widespread crisis, but it forces risk committees and boards of directors — many with the strongest convictions in the cycle — to confront the downside of dollar-cost averaging at high prices and rely on long-term appreciation to validate treasury decisions,” the report stated.

Earlier this year, crypto treasury companies began flooding public markets, engaging in digital asset purchases as the sector was consolidating. However, as enthusiasm waned, their Bitcoin buying activity also slowed.

The report found that 164 companies have announced Bitcoin purchases since January, while only 28 companies reported buying the asset last month. Still, the data provider states that this includes about 60 new buyers who have not announced any Bitcoin purchases since then.