[DAT check-in] 64 of 90 companies with disclosed costs face losses; Strategy down 2.4%

Bitcoin traded at $73,607, leaving 64 of the 90 listed companies that disclosed their average purchase costs with unrealized losses. Strategy, the largest holder, was 2.4% below its average cost.

More than half of the digital asset treasury (DAT) companies with disclosed costs held bitcoin worth less than they paid for it. Their returns varied widely depending on when they bought.

The November 12 snapshot at 01:32 UTC covered 173 listed companies holding a combined 1,301,532 BTC. The 90 companies with disclosed average purchase costs accounted for 82.6% of those holdings. Of these companies, 64 were below cost at $73,607 per bitcoin, while 91.3% of the bitcoin held by companies with disclosed costs was underwater.

Strategy held 850,363 BTC at an average purchase price of $75,455, putting its unrealized loss at 2.4%. Bitcoin would need to rise 2.5% to reach that cost basis. Companies without disclosed purchase costs, including Twenty One Capital with 43,514 BTC and MARA Holdings with 35,577 BTC, were excluded from the return calculations.

Among companies holding at least 1,000 BTC, 13 were below their average purchase costs, including Metaplanet at a 16.9% loss, Strive at 16.2% and Trump Media & Technology Group Corp. at 37.9%. Trump Media had the largest loss in this group, with bitcoin trading 37.9% below its $118,529 average purchase price. Next Technology Holding, by contrast, had an unrealized gain of 134.5% against an average cost of $31,386.

Five South Korean listed companies appeared in the data, led by Bitmax with 551 BTC. Bitplanet, Bitmax and Wemade were below cost by 30.2%, 28.5% and 21.7%, respectively. Neowiz Holdings had an unrealized gain of 27.7%, while Parataxis Korea had not disclosed its purchase cost.

On November 6, bitcoin traded at $75,930, leaving 62 of the 90 companies with disclosed costs underwater. Four companies increased their holdings over the comparison period. Strategy added 1,036 BTC, American Bitcoin added 927 BTC and Block added 205 BTC, the largest increases.

[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 bitcoin holders. Returns compare the current bitcoin price with average purchase costs and exclude fees, taxes and borrowing costs.