[DAT check-in] 57 of 90 firms with disclosed costs face losses; Strategy up 10.8%

With bitcoin at $84,279, 57 of the 90 listed companies that disclosed their average purchase costs were sitting on unrealized losses. Strategy, the largest holder, had an unrealized gain of 10.8%.

More than half of the digital asset treasury (DAT) companies with disclosed costs held bitcoin worth less than they paid for it. Purchase timing drove wide differences in returns across their holdings.

As of September 30 at 01:56 UTC, 173 listed companies held a combined 1,298,213 BTC. The 90 companies with disclosed average purchase costs accounted for 81.6% of those holdings, and 57 were below cost at the prevailing price. By bitcoin holdings, however, the share underwater was just 12.6%, reflecting Strategy's large position and lower purchase cost.

Strategy held 847,665 BTC at an average cost of $76,075, putting its unrealized gain at 10.8%. A further 9.7% decline would bring bitcoin below its average purchase price. Companies without disclosed costs, including Twenty One Capital with 43,514 BTC and MARA Holdings with 35,303 BTC, were excluded from the return calculations.

Among companies holding at least 1,000 BTC, Metaplanet was down 4.9%, Strive 6.8% and Galaxy Digital Holdings Ltd 5.0% against their average costs. Trump Media & Technology Group Corp. had the deepest loss in that group, with bitcoin trading 28.9% below its $118,529 average purchase price. Next Technology Holding, by contrast, had an unrealized gain of 168.5% against an average cost of $31,386.

Five South Korean listed companies were included, led by Bitmax with 551 BTC. Bitplanet, Bitmax and Wemade were below their average costs by 20.0%, 18.2% and 10.3%, respectively, while Neowiz Holdings had an unrealized gain of 46.2%. Parataxis Korea did not disclose its purchase cost.

[Editor's note] Digital asset treasury (DAT) companies are listed companies that buy and hold digital assets such as bitcoin as treasury assets. This column covers their bitcoin holdings. Returns compare the current bitcoin price with average purchase costs and exclude fees, taxes and borrowing costs.