22 Out of 28 Companies Still in the Red Despite Bitcoin Rally: Block and Tesla in Profit

Even though Bitcoin’s price exceeded $72,000 in a single day, Glassnode data showed that 22 out of 28 publicly traded companies’ Bitcoin treasuries remained below their cost basis, with the percentage of companies in loss rising to approximately 80%.

Corporate Bitcoin holdings are back under scrutiny in the cryptocurrency market. Glassnode compared the current value of assets to acquisition costs for publicly traded companies’ Bitcoin treasuries. Data indicated that despite the price surge, the majority of institutional treasuries have yet to turn a profit.

In the company-based ranking, while the Bitcoin spot price is shown as $68,328 according to chart data, 22 out of 28 companies have a cost basis that remains below this level. This table reveals that most companies are still in the loss zone for their Bitcoin investments.

Most Bitcoin Treasuries Are in the Red

In Glassnode’s chart tracking total corporate treasuries, the Bitcoin price remains below the total cost basis. The percentage of companies in loss has climbed back to approximately 80%. This ratio shows that pressure on institutional Bitcoin balance sheets has increased again following a previous recovery period.

The two largest companies remaining in profit were Block (+98%) and Tesla (+44.6%). In Glassnode’s ranking, Bitcoin Group SE followed these two closely in third place. Almost all other companies on the list are either at break-even or below their cost basis.