The number of public companies holding Bitcoin has more than doubled since early 2025, reaching a combined 1.14 million BTC — roughly 5.69% of all existing coins — according to data from SoSoValue and CryptoQuant. This unprecedented corporate accumulation continued relentlessly even as Bitcoin’s price fell from all-time highs near $109,000 to the current $64,000–$65,000 range, signaling deep conviction among institutional buyers. Yet the very concentration that makes this trend bullish for supply dynamics also introduces a significant point of risk: MicroStrategy (rebranded as Strategy) now sits on the largest unrealized loss in its history.
MicroStrategy holds 847,363 BTC, acquired at an average cost of $75,651 per coin. At present prices, that translates into a paper loss of about $14.1 billion. While the loss is unrealized, it has drawn attention from analysts at Deutsche Bank and others, who note that the company’s debt-servicing capacity could come under strain if Bitcoin prices were to fall further. Unlike previous drawdowns, this is the first time since the 2022 bear market that MicroStrategy’s position has turned deeply negative, and its most recent purchase — just 520 BTC for $35 million — is notably smaller than prior buying sprees, suggesting a more cautious approach.
Other public companies also show wide disparities in their cost bases. Metaplanet, Japan’s most active buyer, added 5,075 BTC at an average of $104,176, leaving it significantly underwater. In contrast, Tesla (average entry $33,538) and Coinbase ($2,874) remain comfortably in profit. Overall, the corporate treasury Bitcoin category has become the most transparent form of institutional accumulation, with audited balance sheets and disclosed buying programs, structurally removing supply from the market.
The tug-of-war between buyers and sellers around the $64,000–$65,000 level reflects a fragile equilibrium. If Bitcoin recovers, MicroStrategy’s position normalizes and the supply-squeeze narrative strengthens. However, a sustained drop toward $50,000 could escalate balance-sheet stress, potentially turning a long-term holder into forced-seller — a reflexive risk that the market is now pricing in alongside the bullish supply dynamics.
