64 of 90 bitcoin treasury companies are below cost at $72,857, Strategy by $2.21 billion
At $72,857 a coin, the public companies that report what they paid for bitcoin hold $3.01 billion less than they spent, CoinGecko's treasury tracker shows. Ether holders look worse: 14 of 15 are under water.
Key points
- CoinGecko tracks 181 public companies holding bitcoin. Of those, 90 report a cost, and 64 of the 90 are below it at $72,857.
- Together the 90 paid $81.34 billion for 1,075,151 BTC, now worth $78.33 billion: $3.01 billion less.
- Strategy's gap is $2.21 billion. Metaplanet, Strive and Trump Media add $1.77 billion more.
The numbers
Most public companies that disclose what they paid for bitcoin are now below cost. Bitcoin traded at $72,857 at 6:48 a.m. ET on November 12, 2026, down 1.5% in a day, per CoinGecko. At that price we checked CoinGecko's public treasury tracker, which lists what each listed company holds and, where the company has disclosed it, what it paid.
The tracker lists 181 companies with 1.30 million BTC worth about $94.83 billion at that price. Of those, 90 report a cost. Those 90 paid $81.34 billion for 1,075,151 BTC. Today that bitcoin is worth $78.33 billion, so the group is $3.01 billion below cost. 64 of the 90 are under water on paper.
Who is furthest below cost
Strategy holds 850,363 BTC bought for $64.16 billion, an average of about $75,455 a coin. That is $2,598 above today's price, a paper gap of $2.21 billion. Without Strategy, the other 89 companies are still $801 million below cost.
Japan's Metaplanet paid about $88,551 a coin for 44,000 BTC. Strive paid about $87,821 for 43,153 BTC. Trump Media paid about $118,529 for 9,542 BTC, so its coins are worth 39% less than it spent.
Biggest paper gaps vs. reported cost, bitcoin at $72,857
US$ million
Read November 12, 2026, 6:47 a.m. ET. Cost is what each company disclosed, as listed by CoinGecko. Values at $72,857 a coin. Source: CoinGecko public treasury API.
Who is still ahead
Early buyers are well in profit. SpaceX is listed with 18,712 BTC bought for about $35,325 a coin, now $702 million above cost. Tesla's 11,509 BTC cost about $33,539 each and sit $453 million ahead. Galaxy Digital is $228 million ahead and Coinbase just $49 million.
Many large holders, such as MARA, Twenty One Capital and Bullish, have no cost listed on CoinGecko, so they are not in these totals.
Ether holders look worse
CoinGecko's ether treasury list shows 8.15 million ETH held by public companies. Only 15 report a cost, and 14 of the 15 are below it with ether at $2,024. They paid $1.40 billion for 541,675 ETH now worth $1.10 billion.
Bit Digital is $130 million under, FG Nexus $77 million and BTCS $72 million. Galaxy Digital, at about $1,618 a coin, is the only one in profit. The two biggest holders, BitMine and SharpLink, have no cost listed.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think Strategy's average cost of $75,455 is the line to watch. Strategy alone is 79% of the group's reported cost, so the group's total swings with that one company.
- A paper loss is not a sale. Being below cost does not by itself force any of these companies to sell.
- The likely pressure point is new buying: companies below cost may find it harder to raise money to buy more.
What's next
- Bitcoin back above $75,455, Strategy's average cost
- New purchase or sale filings from Metaplanet, Strive and Trump Media
- Whether BitMine or SharpLink disclose a cost basis
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
