Data from Capriole Investments founder Charles Edwards reveals that a significant majority of public companies holding Bitcoin on their balance sheets are now sitting on unrealized losses. According to an analysis shared on March 10, over 77% of Bitcoin treasury firms are underwater on their purchases, with the total percentage reaching 77.4%. This marks the highest level of corporate treasury losses since 2023.
The situation is even more severe for a large subset of these firms. Edwards' data shows that 65.6% of these corporate holders have Bitcoin holdings that are more than 20% below their cost basis. The simple average cost basis for these treasury holdings is around $90,000, while the weighted average—which gives more influence to larger buyers like Strategy—is approximately $81,000. With Bitcoin's price recently fluctuating between $67,600 and $71,000, the asset is trading well below both averages.
The trend is drawing comparisons to May 2022, during the depths of the previous bear market. "At 80%, almost all treasuries are at a loss on their Bitcoin purchase today," Edwards wrote, adding, "Though history suggests this could get worse if 2026 is like 2022."
Strategy, the corporate leader in Bitcoin accumulation, exemplifies this pressure. The firm holds 738,731 BTC, acquired for a total of $56 billion at an average price of $75,985. At current prices, this position carries an unrealized loss estimated at around $6 billion. Despite this, Strategy announced a new purchase of 17,994 BTC at approximately $71,000 per coin on March 9, demonstrating continued accumulation. The firm's perpetual preferred stock also saw a 2026 trading volume high of $299 million on the same day, which analysts suggest could fund further purchases.
The pain extends beyond corporate treasuries. Edwards noted that the average institutional purchase price is near $78,000, and spot Bitcoin ETF holders are also in the red. However, a potentially positive signal emerged: Edwards highlighted that treasury and ETF buying flipped to net positive by 200% on the day of his analysis, a level of appetite last seen when Bitcoin was at $90,000. This coincides with a broader context of tightening supply, with Bitcoin reserves on centralized exchanges falling to 2019 levels. Since their launch, spot ETFs have absorbed about 1.3 million BTC, while corporate treasuries collectively hold roughly 1.1 million BTC, accounting for nearly 5% of Bitcoin's total supply.
