77% of Corporate Bitcoin Holdings Now Underwater, Data Shows

At a current price of $67,515, Bitcoin, the first and largest cryptocurrency by market cap, is down 46.5% from its all-time high of $126,198 reached in October 2025. Bitcoin’s nearly 47% drop in a matter of months has put most corporate crypto treasuries under pressure.

Crypto analyst and Capriole fund founder Charles Edwards indicated a large chunk of Bitcoin treasury companies are in losses.

“77% of Bitcoin Treasury Companies are underwater on their Bitcoin buys,” Edwards wrote in a recent tweet, adding that the “last time this happened was May 2022.”

The collapse of TerraUSD stablecoin project in May 2022 sparked a daisy chain of corporate failures, which impacted Bitcoin’s price and consequently treasury buyers.

Bitcoin treasury companies hit by BTC price drop

Bitcoin’s price has fallen below the average purchase cost of Michael Saylor‘s Bitcoin treasury company, Strategy.

Bitcoin, at above $67,000, trades well below Strategy’s average purchase price of roughly $75,985 per coin, implying that the one-time enterprise software-focused company is sitting on billions in unrealized losses.

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As of March 1, Strategy’s Bitcoin holdings amount to 720,737 BTC acquired for nearly $54.77 billion at nearly $75,985 per Bitcoin.

The company’s common stock has fallen for eight straight months, erasing more than 70% of its value since November 2024.

Bitcoin price action

Bitcoin fell in a three-day drop following a midweek surge to a high of $74,100 on March 4. Bitcoin fell below $67,000 as investors digested the release of U.S. economic data and macro concerns.

A lower-than-expected jobs report increased concerns about the economy, with traders looking ahead to the possibility of interest rate cuts at a Federal Reserve meeting later this month.

Saturday’s drop comes on the heels of a stronger dollar index, with most assets paired with the dollar falling. Bitcoin slightly rebounded from Sunday’s low of $66,541 and trades at $67,515.