Public companies holding Bitcoin as a reserve asset have returned to profitability following the cryptocurrency's price recovery above $80,000 in mid-to-late October 2026. Aggregate unrealized gains across these firms reached approximately $10.2 billion, or about 11.1%.
Data tracking 172 public firms shows total holdings of approximately 1.27 million BTC, accounting for 6% of the total supply. For the 101 companies with available cost data, the average basis is near $76,300 per BTC, with a total investment of approximately $92.6 billion.
Strategy remains the largest holder with approximately 848,500 BTC, representing two-thirds of the total held by the tracked group. The company reports an unrealized gain of about 11.4% at current prices, though it has recently shifted from wholesale accumulation to tactical trading.
Market performance varies among treasury holders. MARA Holdings reports an unrealized gain of about 18% on its 35,600 BTC, while Metaplanet remains at a loss with an average cost basis of approximately $88,551 per coin.
Despite the price increase, the expected surge in corporate buying has not occurred. Companies are currently adjusting their positions tactically, and stock market reactions remain mixed depending on whether firms trade at a premium or a discount to their net asset value.
