Bitcoin Treasury Cost Basis Hits Floor: 80% of Corporate Holders Now Underwater

Around 80% of companies holding Bitcoin (BTC) as a treasury asset are sitting on unrealized losses, according to an analysis by Charles Edwards, founder of Capriole Investments.

The data comes at a time BTC is pushing back toward $71,000, raising questions of whether the widespread institutional pain is a warning sign or a contrarian buy signal.

The Numbers Behind the Corporate Pain

Edwards shared a series of charts on X on March 10 showing that the simple average cost basis for Bitcoin treasury holdings is at around $90,000, which is well above where BTC is trading today.

On a weighted basis, which gives more weight to larger holders such as Strategy, the average purchase price dropped to about $81,000, showing that the biggest buyers got in earlier and at a lower level. But either way, the number one cryptocurrency is currently below both figures.

“At 80%, almost all treasuries are at a loss on their Bitcoin purchase today,” Edwards wrote. “Though history suggests this could get worse if 2026 is like 2022. There is no free Bitcoin yield.”

In the same thread, Edwards noted that institutions are also broadly down on their BTC positions, with the average institutional purchase price sitting near $78,000. He also said that ETF holders were in the red as well.

However, the analyst did flag one piece of data that stood out, namely that treasury and ETF buying had flipped net positive by 200% on the day of his post.

“The last time it was this high, Bitcoin was at $90,000,” he stated, calling it “very good news, especially amid war.”

That appetite Edwards was referring to was typified by Strategy, which yesterday announced a purchase of 17,994 BTC at an average price of approximately $71,000 per BTC, bringing its total holdings to 738,731 BTC bought for $56 billion. At current prices, the firm’s position is carrying an unrealized loss in the region of $6 billion.

Separately, Strategy’s perpetual preferred stock posted a new 2026 trading volume high of $299 million on March 9, which BitcoinTreasuries estimated was enough to fund another 1,360 BTC purchase.

The broader supply picture adds some context to why institutional accumulation is drawing attention, with analyst Darkfost noting that Bitcoin reserves on centralized exchanges have fallen to levels last seen in 2019.

Additionally, ETFs have absorbed around 1.3 million BTC since their January 2024 launch, while corporate treasury companies collectively hold about 1.1 million BTC, which is nearly 5% of the total supply.

Bitcoin Price Overview

Bitcoin was changing hands near $71,000 at the time of this writing, up over 4% in 24 hours after bouncing from around $67,500. In the last seven days, the asset gained 6.4% and has almost doubled that over 14 days. Still, it remains down nearly 13% year-on-year and about 44% below its October 2025 all-time high.

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