Most listed firms in a 90-company sample that reported Bitcoin (BTC) purchase costs were underwater at $81,504, while Strategy remained profitable because its average acquisition price was lower.
At that benchmark, 58 of the 90 companies were below their average purchase costs. The 90 firms accounted for 81.6% of holdings in the wider set; Twenty One Capital (43,514 BTC) and MARA Holdings (35,577 BTC) were omitted because their purchase costs were undisclosed.
The share of companies below cost was much larger than the share of bitcoin in loss territory: only 11.0% of BTC volume was underwater. That volume-based measure was lower in part because Strategy’s holdings had an average cost below the market price.
Strategy, the largest corporate bitcoin holder, held 848,250 BTC at an average purchase price of $76,082. At the $81,504 benchmark, the position was 7.1% above cost. The estimates capture only the gap between Bitcoin’s benchmark price and each firm’s disclosed average cost; they omit fees, taxes and borrowing expenses.
Within the group of companies holding at least 1,000 BTC, reported declines were 8.0% for Metaplanet, 8.9% for Strive and 31.2% for Trump Media & Technology Group. At $81,504, Bitcoin was 31.2% below Trump Media’s average cost of $118,529, the deepest loss among those compared. Next Technology Holding stood out in the other direction, with a 159.7% unrealized gain relative to its $31,386 average purchase price.
South Korea was represented by five listed companies, with Bitmax’s 551 BTC the largest reported holding in that group. Measured against average cost, the shortfalls were 22.7% for Bitplanet, 20.9% for Bitmax and 13.3% for Wemade; Neowiz Holdings was 41.4% higher. Parataxis Korea had no disclosed purchase cost.
The Oct. 14 tally covered 1,302,063 BTC held across 173 listed companies. Differences in purchase timing produced a wide spread in reported average costs.
