Corporate Treasuries Sidelined by Unrealized Losses as Bitcoin Prices Lag

Bitcoin treasuries have been slow to pick up this year, adding just 5,900 BTC over three months, according to data from Glassnode. This is a far cry from the 89,000 BTC bought in July 2025 alone, when companies were snapping up coins as prices hovered above $100,000.

The average entry price for these corporate treasuries, known as their cost basis, sits at $80,500-6% above current spot prices. This means that the group as a whole is still underwater, with unrealized losses.

Glassnode notes that 'a buyer that has stopped buying and holds a paper loss is not support.' In other words, until these treasuries break even, they remain a source of overhead supply, weighing on prices.