The recent price drop has put pressure on most corporate treasuries holding BTC, with roughly two-thirds of companies now in negative territory.
November marked a critical moment for firms that invested in bitcoin through their corporate treasuries. According to an analysis by Bitcoin Treasuries, the majority of publicly listed companies holding BTC have reported accounting losses.
The temporary dip in bitcoin’s price below the $90,000 threshold toward the end of November had immediate repercussions on corporate balance sheets. The analysis, which examines more than 100 companies, shows that roughly 65% of them are currently sitting on unrealized losses relative to their average purchase price.
Companies that accumulated BTC during 2025 were particularly affected by the volatility, finding themselves in the red after months of bullish expectations.
Despite market turbulence, players with stronger balance sheets have continued to accumulate bitcoin systematically. Strategy remains the undisputed leader, accounting for roughly 75% of net purchases after factoring in other companies’ sales.
In November, Strategy added 9,062 BTC through three separate purchases, with the largest one (8,178 BTC) executed on November 17. By the end of the month, the company held 649,870 BTC, worth approximately $59 billion. After further purchases in December, the total rose to 660,624 BTC.
Strive also demonstrated strategic conviction, acquiring 1,567 BTC at an average price of $103,315 per unit, bringing its total reserves to 7,525 BTC (around $684 million).
Mining companies continue to represent a significant component of the Bitcoin treasury ecosystem, collectively holding 12% of all BTC owned by publicly listed firms. Cango and Riot added 508 and 37 BTC respectively through their mining operations. American Bitcoin combined purchasing and mining strategies to increase its reserves by 139 BTC.
The fourth quarter of 2025 is on track to record roughly 40,000 BTC in net additions to the balance sheets of listed companies. While this figure is lower than in the past four quarters, it aligns with Q3 2024.
According to the report, corporate bitcoin adoption is becoming increasingly global. While U.S. companies continue to dominate the top 20, Japan, China, Europe, and other regions are rapidly expanding. Holdings among non-U.S. companies increased by 3,180 BTC compared with two months earlier, now representing roughly 9% of all public Bitcoin treasuries.
