{"id":75759,"date":"2026-03-10T20:50:23","date_gmt":"2026-03-10T20:50:23","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=75759"},"modified":"2026-03-10T20:50:23","modified_gmt":"2026-03-10T20:50:23","slug":"bitcoin-treasury-cost-basis-hits-floor-80-of-corporate-holders-now-underwater","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=75759","title":{"rendered":"Bitcoin Treasury Cost Basis Hits Floor: 80% of Corporate Holders Now Underwater"},"content":{"rendered":"
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Around 80% of companies holding Bitcoin (BTC) as a treasury asset are sitting on unrealized losses, according to an analysis by Charles Edwards, founder of Capriole Investments.<\/p>\n

The data comes at a time BTC is pushing back toward $71,000, raising questions of whether the widespread institutional pain is a warning sign or a contrarian buy signal.<\/p>\n

The Numbers Behind the Corporate Pain<\/h2>\n

Edwards shared a series of charts on X on March 10 showing<\/a> that the simple average cost basis for Bitcoin treasury holdings is at around $90,000, which is well above where BTC is trading today.<\/p>\n

On a weighted basis, which gives more weight to larger holders such as Strategy, the average purchase price dropped to about $81,000, showing that the biggest buyers got in earlier and at a lower level. But either way, the number one cryptocurrency is currently below both figures.<\/p>\n

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\u201cAt 80%, almost all treasuries are at a loss on their Bitcoin purchase today,\u201d Edwards wrote. \u201cThough history suggests this could get worse if 2026 is like 2022. There is no free Bitcoin yield.\u201d<\/p>\n<\/blockquote>\n

In the same thread, Edwards noted that institutions are also broadly down on their BTC positions, with the average institutional purchase price sitting near $78,000. He also said that ETF holders were in the red as well.<\/p>\n

However, the analyst did flag<\/a> one piece of data that stood out, namely that treasury and ETF buying had flipped net positive by 200% on the day of his post.<\/p>\n

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\u201cThe last time it was this high, Bitcoin was at $90,000,\u201d he stated, calling it \u201cvery good news, especially amid war.\u201d<\/p>\n<\/blockquote>\n

That appetite Edwards was referring to was typified by Strategy, which yesterday announced<\/a> a purchase of 17,994 BTC at an average price of approximately $71,000 per BTC, bringing its total holdings to 738,731 BTC bought for $56 billion. At current prices, the firm\u2019s position is carrying an unrealized loss in the region of $6 billion.<\/p>\n

Separately, Strategy\u2019s perpetual preferred stock posted a new 2026 trading volume high of $299 million on March 9, which BitcoinTreasuries estimated<\/a> was enough to fund another 1,360 BTC purchase.<\/p>\n

The broader supply picture adds some context to why institutional accumulation is drawing attention, with analyst Darkfost noting<\/a> that Bitcoin reserves on centralized exchanges have fallen to levels last seen in 2019.<\/p>\n

Additionally, ETFs have absorbed around 1.3 million BTC since their January 2024 launch, while corporate treasury companies collectively hold about 1.1 million BTC, which is nearly 5% of the total supply.<\/p>\n

Bitcoin Price Overview<\/h2>\n

Bitcoin was changing hands near $71,000 at the time of this writing, up over 4% in 24 hours after bouncing from around $67,500. In the last seven days, the asset gained 6.4% and has almost doubled that over 14 days. Still, it remains down nearly 13% year-on-year and about 44% below its October 2025 all-time high.<\/p>\n

The post Bitcoin Treasury Cost Basis Hits Floor: 80% of Corporate Holders Now Underwater<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Around 80% of companies holding Bitcoin (BTC) as a treasury asset are sitting on unrealized losses, according to an analysis by Charles Edwards, founder of Capriole Investments. The data comes at a time BTC is pushing back toward $71,000, raising questions of whether the widespread institutional pain is a warning sign or a contrarian buy […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-75759","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/75759","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=75759"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/75759\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=75759"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=75759"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=75759"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}