Glassnode
The share of public companies with BTC treasuries sitting at a loss has climbed back toward 80%, while Bitcoin's price remains below their aggregate cost basis. That makes the pressure broad across the listed-company cohort.
Why it matters
For the group, aggregate cost basis is the breakeven reference: the current value of its BTC holdings is below what those companies paid. Because the losses are unrealized, the signal is valuation pressure rather than confirmed selling.
Market impact
The important measure is breadth, not a single company's balance sheet. The key markers are whether Bitcoin moves above the aggregate cost basis and whether the loss-making share stops climbing.
Frequently asked questions
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What does the aggregate cost basis represent for these BTC treasuries?
It is the combined acquisition cost of the Bitcoin held by the public-company treasury cohort. Bitcoin's market price is below that aggregate level.
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How large is the share of public companies sitting at a loss?
The loss-making share has climbed back toward 80% of the companies in the public BTC treasury cohort.
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Are the reported treasury losses realized or unrealized?
They are unrealized mark-to-market losses. The figures compare current Bitcoin value with acquisition cost rather than confirm completed disposals.
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Does the loss data confirm that public companies are selling BTC?
No. The figures show a valuation gap between Bitcoin's current price and aggregate cost basis, not confirmed selling.
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Which indicators matter next for public BTC treasuries?
The key markers are whether Bitcoin moves back above the aggregate cost basis and whether the loss-making share stops climbing.
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