DAT midyear check: 58 of 90 firms with disclosed cost basis underwater; Strategy up 7.1%

With bitcoin trading at $81,504, 58 of the 90 listed companies that disclose an average purchase price were sitting on unrealized losses. Strategy, the largest corporate holder, remained 7.1% above its cost basis.

More than half of the digital asset treasury companies with disclosed purchase prices held bitcoin below their average acquisition cost. Returns varied widely depending on when each company accumulated its holdings.

As of 1:47 p.m. on Oct. 14, 173 listed companies held a combined 1,302,063 BTC. Comparing the current price of $81,504 with the disclosed cost basis of 90 companies, representing 81.6% of holdings, showed that 58 were underwater. By bitcoin volume, however, only 11.0% was in loss territory because Strategy's cost basis remained below the market price.

Strategy acquired 848,250 BTC at an average price of $76,082, leaving it with an unrealized gain of 7.1%. A further 6.7% decline in bitcoin would take the price below its cost basis. Companies that did not disclose acquisition costs, including Twenty One Capital with 43,514 BTC and MARA Holdings with 35,577 BTC, were excluded from the profit-and-loss tally.

Among companies holding at least 1,000 BTC, Metaplanet was down 8.0%, Strive was down 8.9% and Trump Media & Technology Group was down 31.2% relative to their average purchase prices. Trump Media had the largest loss, with bitcoin 31.2% below its $118,529 cost basis. Next Technology Holding, by contrast, had an unrealized gain of 159.7% on an average purchase price of $31,386.

Five South Korean-listed companies appeared on the list, led by Bitmax with 551 BTC. Bitplanet was down 22.7%, Bitmax 20.9% and Wemade 13.3%, while Neowiz Holdings was up 41.4%. Parataxis Korea did not disclose its purchase price.

Editor's note Digital asset treasury companies are listed firms that acquire and hold digital assets such as bitcoin as treasury assets. This analysis covers bitcoin-holding companies. Returns compare bitcoin's current price with each company's average purchase price and exclude fees, taxes and borrowing costs.

This article is based on market data and analysis and does not constitute an investment recommendation.