A recent report from BitcoinTreasuries.Net highlights the significant challenges facing Bitcoin-focused treasury companies since November. The results revealed that the vast majority of these companies are now struggling with large unrealized losses, prompting many of them to sell considerable amounts of their Bitcoin holdings.
Market struggles continue
In a sample analysis of 100 companies with reliable cost baseline metrics, approximately 65% purchased Bitcoin at prices that now exceed prices. current market valueleaving a considerable number of these treasures with substantial unrealized losses.
The Bitcoin market slowdown in late November pushed spot prices toward $90,000, leaving many buyers from 2025 at a financial disadvantage.
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Now, the market-leading cryptocurrency fell back below that key level on Thursday, even despite the Federal Reserve’s (Fed) rate cut announcement. Of the companies surveyed, around two-thirds have unrealized losses based on current market values.
But despite the price volatility, some of the largest balance sheets have continued to acquire Bitcoin. In particular, companies like Strategy (formerly MicroStrategy) and Strive contributed significantly to net additions in November, with Strategy accounting for approximately 75% of all monthly purchases following their sales.
Mining companies remain the cornerstone of Bitcoin holdings in the public market. In November, they represented about 5% of new additions to the market and about 12% of the total balances held by public companies.
Demand for Bitcoin remains strong
Same as Bitcoin own shares have shown weakness relative to Bitcoin itself and broader benchmarks, many companies have still pursued strategies to add BTC to their balance sheets while refining their capital market approaches.
BitcoinTreasury.Net’s analysis indicates that almost 50 companies have managed to achieve gains of at least 10% over the past 6 to 12 months.
Over time, the losses began to lessen for some. Currently, approximately 140 companies have experienced declines of at least 10% over a 1-3 month period, while approximately 105 companies have experienced similar year-to-date declines.
However, not all company owners chose to weather the storm of price fluctuations. In November alone, at least five companies decided to sell Bitcoin, with Sequans leading the way by divesting about a third of its holdings.
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Looking ahead, Q4 2025 is expected to close with around 40,000 BTC added to public company balance sheets. This figure is significantly lower than the totals for each of the previous four quarters and closely matches the additions seen in the third quarter of 2024.
The report concludes that despite a marked slowdown in the “summer buying frenzy,” demand for Bitcoin has not entirely declined as public companies adapt to a more cautious and selective approach when reevaluating their recent purchases.
At the time of writing, BTC was trading at $89,920, down more than 2% in the previous 24 hours. This puts the cryptocurrency 27% behind its all-time high of $126,000 set in October this year.
Featured image of DALL-E, chart by TradingView.com
