More than half of the digital asset treasury (DAT) companies disclosing their average Bitcoin purchase price hold the asset at an unrealized loss. Returns vary widely depending on when companies accumulated their holdings.

As of November 2 at 03:05 UTC, 174 listed companies held 1,312,578 BTC. The 90 companies with disclosed average purchase prices accounted for 81.7% of holdings, and 59 were underwater at Bitcoin’s price of $80,382. By holdings, however, only 11.8% was below cost basis, reflecting the unrealized gain at Strategy, the largest holder.

Top 10 holders with disclosed cost basis

Company | Country | BTC holdings | Average cost | Unrealized return

  • Strategy | United States | 848,517 BTC | $76,084 | +5.6%

  • Metaplanet | Japan | 44,000 BTC | $88,551 | -9.2%

  • Strive | United States | 43,000 BTC | $87,851 | -8.5%

  • Galaxy Digital Holdings Ltd | United States | 21,084 BTC | $62,031 | +29.6%

  • Space Exploration Technologies Corp. | United States | 18,712 BTC | $35,325 | +127.5%

  • Coinbase Global | United States | 17,311 BTC | $70,111 | +14.6%

  • Tesla | United States | 11,509 BTC | $33,539 | +139.7%

  • Trump Media & Technology Group Corp. | United States | 9,542 BTC | $118,529 | -32.2%

  • GD Culture Group | China | 7,500 BTC | $112,201 | -28.4%

  • Next Technology Holding | China | 5,833 BTC | $31,386 | +156.1%

Strategy | United States | 848,517 BTC | $76,084 | +5.6%

Metaplanet | Japan | 44,000 BTC | $88,551 | -9.2%

Strive | United States | 43,000 BTC | $87,851 | -8.5%

Galaxy Digital Holdings Ltd | United States | 21,084 BTC | $62,031 | +29.6%

Space Exploration Technologies Corp. | United States | 18,712 BTC | $35,325 | +127.5%

Coinbase Global | United States | 17,311 BTC | $70,111 | +14.6%

Tesla | United States | 11,509 BTC | $33,539 | +139.7%

Trump Media & Technology Group Corp. | United States | 9,542 BTC | $118,529 | -32.2%

GD Culture Group | China | 7,500 BTC | $112,201 | -28.4%

Next Technology Holding | China | 5,833 BTC | $31,386 | +156.1%

Strategy held 848,517 BTC at an average purchase price of $76,084, putting its unrealized gain at 5.6%. A further decline of 5.3% would bring Bitcoin to roughly its cost basis. Companies without disclosed purchase prices, 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, Metaplanet (-9.2%), Strive (-8.5%) and Trump Media & Technology Group Corp. (-32.2%) were below cost basis. Trump Media had the largest percentage loss in that group, with Bitcoin trading 32.2% below its average purchase price of $118,529. Next Technology Holding, by contrast, had an unrealized gain of 156.1% against an average cost of $31,386.

South Korean listed companies

Company | BTC holdings | Average cost | Unrealized return

  • Bitmax | 551 BTC | $103,018 | -22.0%

  • Bitplanet | 300 BTC | $105,395 | -23.7%

  • Wemade | 223 BTC | $93,959 | -14.4%

  • Parataxis Korea | 200 BTC | Undisclosed | —

  • Neowiz Holdings | 123 BTC | $57,634 | +39.5%

Bitmax | 551 BTC | $103,018 | -22.0%

Bitplanet | 300 BTC | $105,395 | -23.7%

Wemade | 223 BTC | $93,959 | -14.4%

Parataxis Korea | 200 BTC | Undisclosed | —

Neowiz Holdings | 123 BTC | $57,634 | +39.5%

Five South Korean listed companies were included, led by Bitmax with 551 BTC. Bitplanet (-23.7%), Bitmax (-22.0%) and Wemade (-14.4%) were below their average purchase prices, while Neowiz Holdings had an unrealized gain of 39.5%. Parataxis Korea had not disclosed its purchase price.

[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 Bitcoin’s current price with the average purchase price and exclude fees, taxes and borrowing costs.

John Kim

John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to [email protected].