Bitcoin’s slide to $60k puts BTC treasury companies $10B underwater as one major firm is braces for a $27B disaster

Bitcoin's recent slide to as low as $60,233 has pushed most major pure-play Bitcoin treasury companies significantly underwater, resulting in combined unrealized losses approaching $10 billion across eight entities holding over 850,000 BTC.

Strategy (formerly MicroStrategy) is the hardest hit, with a $6.85 billion unrealized loss on its 713,502 BTC holdings purchased at an average of $76,047. Metaplanet, a Japanese firm, faces a 38.3% unrealized loss on its holdings. The market is applying pressure via market-to-net-asset-value (mNAV) ratios, with underwater companies like Strategy trading at a significant discount (0.784 multiple) to their BTC treasury value, increasing the cost of raising new capital.

If Bitcoin sustains a drop below $60,000, the incremental damage could be severe, pushing Strategy's total unrealized loss toward $27.14 billion. This situation creates a reflexive trap where underwater status compresses mNAV multiples, slowing accumulation and weighing on equity sentiment. Only one company in the analyzed cohort, Next, remains profitable, highlighting the high-stakes nature of these conviction-based treasury strategies.

(Source：CryptoSlate)