Glassnode
Block and Tesla are now the only two major public-company Bitcoin holders still sitting on unrealized profit, according to on-chain analytics firm Glassnode. Every other corporate treasury buyer on the tracked list has slipped to or below its cost basis, with German-based Bitcoin Group SE a close third.
Why it matters
The corporate-treasury cohort split into two distinct buying waves: the 2020-2021 MicroStrategy-led accumulation and the 2024-2025 catch-up trades from Block and Tesla. As Bitcoin rolled over from its prior highs, the second wave bought closer to the top, and the first wave's average basis is now under pressure. The result is a market where almost no public-company balance sheet is benefitting from a higher BTC mark.
This is the supply-side counterpart to the spot ETF flow picture: when treasury buyers who once absorbed issuance are underwater, the marginal bid shifts to ETF allocators, who carry a different cost basis and risk tolerance than 2021-era corporate balance sheets did.
Market impact
The read is straightforwardly bearish for sentiment. It confirms the drawdown has been deep enough to test even the early, lower-basis accumulators, and the cohort that mattered most in 2021 is now testing break-even.
That said, no major corporate holder has announced any intent to sell, and MicroStrategy has continued to add throughout the correction. The pain is on paper, not yet on income statements, but the corporate-bid story has narrowed to a handful of low-cost names.
Frequently asked questions
-
Which public companies are still in profit on their Bitcoin holdings?
Block and Tesla remain the top two major public-company Bitcoin holders still sitting on unrealized profit, with German-based Bitcoin Group SE a close third, according to Glassnode.
-
Why are most corporate Bitcoin treasuries now underwater?
Most public-company Bitcoin buyers accumulated between 2020 and 2025 at a range of price levels. After the latest drawdown, nearly every name outside Block and Tesla has slipped to or below its average cost basis.
-
What does this mean for Bitcoin's market structure?
When corporate treasury buyers who once absorbed issuance sit underwater, the marginal bid shifts to spot ETF allocators, who carry a different cost basis and risk tolerance than 2021-era corporate balance sheets.
-
Has any corporate Bitcoin holder announced selling?
No major public-company Bitcoin holder has announced an intent to sell. MicroStrategy has continued to add to its position throughout the correction.
-
How deep is the corporate Bitcoin treasury drawdown?
Deep enough that nearly every public-company holder outside Block and Tesla is now at or below its average buy price, leaving only the lowest-basis accumulators sitting on paper gains.
CryptoSlate
CoinTelegraph
CoinDesk
TheBlock
Crypto News
Crypto Capital Venture
Lookonchain