Nearly 80 percent of companies that hold Bitcoin as part of their treasury reserves are currently facing unrealized losses, according to analysis from Charles Edwards.
The data arrives at a time when Bitcoin is attempting to climb back toward the $71,000 level. This situation has sparked debate about whether widespread institutional losses represent a warning sign or a potential contrarian buying opportunity.
Corporate Bitcoin Holdings Under Pressure
Edwards, the founder of Capriole Investments, shared several charts on social media on March 10 showing that the simple average purchase price for corporate Bitcoin treasuries is around $90,000. This level is significantly higher than Bitcoin’s current market price.
When the data is weighted to account for larger holders such as Strategy, the average purchase price declines to about $81,000. This suggests that the largest buyers entered the market earlier and secured Bitcoin at lower prices. Even so, the current market price remains below both averages.
Edwards noted that about 80 percent of corporate treasuries are currently holding Bitcoin at a loss. He added that historical patterns show the situation could deteriorate further if market conditions in 2026 resemble those seen during 2022. He also emphasized that there is no guaranteed yield associated with holding Bitcoin.
In the same analysis, Edwards explained that institutional investors in general are also facing losses. The average entry price for institutional Bitcoin purchases is estimated to be around $78,000. Holders of spot exchange traded funds are also currently in negative territory.
However, one data point stood out in the analysis. Edwards highlighted that combined treasury and ETF buying activity turned strongly positive on the day of his report, rising by about 200 percent.
He pointed out that the last time this level of buying pressure appeared, Bitcoin was trading around $90,000. According to him, this development is encouraging, especially during a period of geopolitical tension.
Institutional Accumulation Continues
Institutional demand was illustrated by a recent purchase announcement from Strategy, which revealed that it acquired 17,994 BTC at an average price of about $71,000 per coin. The company now holds a total of 738,731 BTC purchased for roughly $56 billion. At current prices, that position represents an unrealized loss of about $6 billion.
Separately, trading volume for Strategy’s perpetual preferred stock reached a new high for 2026, hitting $299 million on March 9. Estimates from BitcoinTreasuries suggest that amount of capital could potentially fund the purchase of about 1,360 additional BTC.
The broader supply landscape adds further context to institutional interest. According to analysis from CryptoQuant analyst Darkfost, Bitcoin reserves on centralized exchanges have dropped to levels last seen in 2019.
Meanwhile, spot Bitcoin exchange traded funds have accumulated roughly 1.3 million BTC since launching in January 2024. Corporate treasury companies collectively hold about 1.1 million BTC, which represents close to five percent of the total supply.
Bitcoin Price Snapshot
At the time of writing, Bitcoin was trading near $71,000 after rising more than 4 percent in the past 24 hours. The price rebounded from around $67,500 earlier in the period.
Over the past seven days the asset has gained about 6.4 percent, and its two week performance shows an even stronger increase. Despite the recent recovery, Bitcoin remains nearly 13 percent lower compared with a year ago and about 44 percent below its all time high reached in October 2025.#crypto #cryptonews https://t.me/coinsignalpublic https://coinsignals.net
