Public companies that hold Bitcoin as a reserve asset are, on average, back in the green. Glassnode’s latest weekly report estimates the treasury companies it tracks hold their coins at an average cost of about $80.2K, and says Bitcoin has closed above that level every day since September 18 (Glassnode, Week On-chain 42).
The headline sounds bullish. The maths is less comfortable. With Bitcoin trading around $83,000, that profit is a cushion of roughly 3.4%, small enough that a single bad week erases it. That thin margin, not a lack of conviction, is the best explanation for why corporate buying has not come back.
How thin is the cushion?
Glassnode’s report lays out the cost bases of several large holder groups. We measured each one against an $83,000 spot price, near where BTC has traded today.
| Holder group (source) | Average cost | Distance from $83,000 |
|---|---|---|
| Coins bought 1-2 years ago (Glassnode) | ~$100K | Price needs +20.5% |
| Metaplanet (Crypto Briefing) | ~$88,551 | Price needs +6.7% |
| Coins bought 6-12 months ago (Glassnode) | ~$86.7K | Price needs +4.5% |
| Treasury companies, aggregate (Glassnode) | ~$80.2K | 3.4% above cost |
| True Market Mean, active investors (Glassnode) | ~$77.6K | 6.5% above cost |
| Strategy (CoinGape) | ~$75,446 | 9.1% above cost |
Glassnode also notes the US spot ETFs’ cost basis sits just above the treasury line, with both between $80K and $81.5K. Its October 15 sweep to about $80.1K on an hourly close tested both groups at once, and the report says a daily close below $80K would put the average ETF and treasury holder at a loss.
Profitable, but not shopping
Glassnode says every month since June has added less than a tenth of the treasury sector’s peak month, November 2024. The biggest buyer illustrates it. Strategy holds 848,517 BTC and last week added just 267 BTC for $22.1 million, while raising its STRC preferred-share buyback cap from $2 billion to $3 billion, according to CoinGape. That purchase is about 0.03% of its stack.
Our own math on Strategy, using CoinGape’s figures: 848,517 BTC at $75,446 is roughly $64.0 billion of cost. At $83,000 the coins are worth about $70.4 billion, a paper gain near $6.4 billion, or 10%. That is real, but it is a fraction of the gains the company showed at past highs, and a 9% drop would bring it back to break-even.
Why the numbers you see differ
You may see bigger figures elsewhere. Crypto Briefing reports aggregate unrealised gains of about $10.2 billion (11.1%) across 172 firms holding about 1.27 million BTC, using an average cost near $76,300 drawn from the 101 firms that disclose costs. Glassnode’s $80.2K is an estimate derived from holdings and unrealised profit. Applying Glassnode’s figure to the same 1.27 million BTC at $83,000 gives a gain of only about $3.6 billion, or 3.5%. Neither is wrong; they measure different sets of companies in different ways. The honest takeaway is that the sector’s profit is somewhere between thin and modest, not fat.
The two dates that matter
Glassnode flags two events. The US Federal Reserve decides on rates on October 28. MSCI publishes its final list of index removals for “non-operating companies” on November 11, effective at the close on November 30; a test run had flagged Strategy and Metaplanet. Strategy’s shares fell nearly 10% on October 16, the first session after MSCI adopted the rules, while Bitcoin barely moved.
A removal would force index funds to sell the shares, which would make it harder for these firms to raise money to buy Bitcoin.
What it means for Indian investors
Many Indians get Bitcoin exposure indirectly, by buying US-listed shares such as Strategy through overseas investing platforms. The table above is a reminder that those shares are a leveraged bet on how far Bitcoin sits above each company’s cost, plus the company’s own funding and index risks. If you hold Bitcoin directly on an Indian exchange, the treasury cost line near $80K is worth watching as a support level, but it is not a floor anyone guarantees.
BtcMedia verdict
Corporate treasuries are no longer a source of selling pressure from underwater holders, which is good news. But a 3.4% cushion does not invite aggressive buying, and the MSCI decision hangs over the biggest buyer. Until Bitcoin clears the $85K-$87.5K zone that Glassnode identifies as resistance, expect treasuries to stay patient rather than lead the next leg up.
FAQ
What is the average cost of Bitcoin treasury companies? Glassnode estimates about $80.2K for the companies it tracks, as of data to October 19, 2026. Other trackers that use disclosed costs report figures closer to $76K.
Is Strategy in profit on its Bitcoin? Yes. Using CoinGape’s figures of 848,517 BTC at an average of $75,446, Strategy shows a paper gain of about 10% at $83,000.
Which big treasury firm is still at a loss? Metaplanet, with about 44,000 BTC at an average near $88,551, according to Crypto Briefing.
This article is for information only and is not financial advice. Crypto is volatile; do your own research before investing.