Bitcoin treasury companies are millions in the red but the strategy doesn’t change even at $78k
Despite significant unrealized losses for some companies holding Bitcoin, the overall strategy remains intact as they navigate the volatility of the asset. With Bitcoin priced around $78,500, companies like Tesla and Coinbase report gains, while others like Metaplanet and Trump Media face substantial losses. The situation underscores the resilience of early adopters who still maintain substantial paper profits, indicating a long-term belief in Bitcoin's recovery.
Bitcoin treasuries are designed to look uncomfortable in drawdowns, because the trade they're running is simple: take a volatile asset, put it on a corporate balance sheet, and finance more of it through capital markets. When Bitcoin drops, the mark-to-market hit is the point, not the punchline. The real question is whether the company can keep its funding machine running long enough for volatility to swing back the other way. Bitcoin's price of about $78,500 on Feb. 1 turns the conversation about unrealized losses into a stress test for everyone who bought closer to the cycle highs, and a reminder that early adopters still sit on large buffers even when headlines look ugly. Strategy holds 712,647 BTC at an average cost of about $76,037 per BTC, putting it roughly $1.76 billion in the green on paper. Metaplanet holds 35,102 BTC at $107,716, roughly $1.03 billion underwater. Trump Media holds 11,542 BTC at $118,529, roughly $462 million underwater. Tesla holds 11,509 BTC at $33,539, roughly $517 million in the green. Coinbase holds 14,548 BTC at $71,465, roughly $102 million in the green. Company BTC holdings Avg cost per BTC Rough unrealized P/L Notes Strategy 712,647 $76,037 +$1.76 billion Average cost disclosed. Metaplanet 35,102 $107,716 -$1.03 billion Average cost disclosed. Trump Media 11,542 $118,529 -$462 million Average cost disclosed. Tesla 11,509 $33,539 +$517 million Average cost disclosed. Coinbase 14,548 $71,465 +$102 million Average cost disclosed. Bullish 24,300 N/A (estimate) ~-$723 million No cost basis shown on BitcoinTreasuries. Estimate assumes an average entry near the Aug. 31, 2025, close of $108,248. American Bitcoin Corp 5,843 N/A (estimate) ~-$153 million No cost basis shown on BitcoinTreasuries. Estimate anchors to the May 31, 2025, close of $104,654 (proxy around “held since” timing). For companies where BitcoinTreasuries shows the balance but not the average cost, any “unrealized loss” math becomes an estimate. Bullish, for example, is...
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