{"id":6394,"date":"2026-02-06T10:50:36","date_gmt":"2026-02-06T10:50:36","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=6394"},"modified":"2026-02-06T10:50:36","modified_gmt":"2026-02-06T10:50:36","slug":"bitcoins-slide-to-60k-puts-btc-treasury-companies-10b-underwater-as-one-major-firm-is-braces-for-a-27b-disaster","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=6394","title":{"rendered":"Bitcoin&#8217;s slide to $60k puts BTC treasury companies $10B underwater as one major firm is braces for a $27B disaster"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Bitcoin&#8217;s (BTC) slide to as low as $60,233 overnight, before recovering somewhat to $65,443, has left most of the largest pure-play Bitcoin treasury companies deeply underwater on their holdings, with combined unrealized losses approaching $10 billion across eight entities that collectively control more than 850,000 BTC.<\/p>\n<p>The reckoning hits hardest at the top. Strategy, formerly MicroStrategy, holds 713,502 BTC at an average cost basis of $76,047 per coin, resulting in an unrealized loss of $6.85 billion at current prices.<\/p>\n<p>That&#8217;s a 12.6% drawdown on a treasury worth $47.4 billion at spot, but the company&#8217;s scale means every $1,000 move in Bitcoin&#8217;s price swings its paper position by $713.5 million.<\/p>\n<p>Metaplanet, the Japanese hotel firm turned Bitcoin accumulator, sits $1.45 billion underwater on 35,102 BTC acquired at an average of $107,716. Its 38.3% unrealized loss reflects the timing risk associated with late-2024 and early-2025 purchases made near all-time highs.<\/p>\n<p>Twenty One Capital reports a $906.7 million paper loss on 43,514 BTC purchased at $87,280.37, leaving it 23.9% underwater. The value considered is derived from a July 29, 2025, filing with the US Securities and Exchange Commission.<\/p>\n<p>The dataset, sourced from Bitcoin Treasuries, tracks only companies whose business model centers exclusively on Bitcoin accumulation.<\/p>\n<p>Coinbase, Tesla, and other firms with diversified operations don&#8217;t qualify, making this a pure test of conviction versus cost basis.<\/p>\n<p>Seven of the eight names analyzed are currently underwater. The sole exception is Next, which purchased 5,833 BTC at $35,670.09 and still holds an unrealized gain of 86.3% ($179.5 million).<\/p>\n<figure id=\"attachment_518589\" aria-describedby=\"caption-attachment-518589\" style=\"width: 2047px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-518589 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_Q5JXTYJ0U8.jpg\" alt=\"Underwater leaderboard\" width=\"2047\" height=\"940\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_Q5JXTYJ0U8.jpg 2047w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_Q5JXTYJ0U8-300x138.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_Q5JXTYJ0U8-1024x470.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_Q5JXTYJ0U8-768x353.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_Q5JXTYJ0U8-1536x705.jpg 1536w\" sizes=\"(max-width: 2047px) 100vw, 2047px\"\/><figcaption id=\"caption-attachment-518589\" class=\"wp-caption-text\">Bar chart showing unrealized profit and loss positions for eight pure Bitcoin treasury companies at $66,443.75 BTC spot price, with Strategy leading losses at negative $6.85 billion.<\/figcaption><\/figure>\n<h2>The mNAV compression risk<\/h2>\n<p>Market-to-net-asset-value ratios add a reflexive dimension to the pain. Metaplanet trades at an mNAV of 1.018, essentially in line with its BTC holdings, while Strategy&#8217;s 0.784 multiple implies the market values its equity at a 21.6% discount to its Bitcoin treasury.<\/p>\n<p>Nakamoto, with 5,398 BTC and a 0.329 mNAV, trades at a 67% discount despite holding coins acquired at $119,729, representing a 44.5% unrealized loss.<\/p>\n<p>This divergence matters because underwater treasuries often need either premium mNAV multiples or dilutive equity raises to keep accumulating. In drawdowns, markets typically demand the opposite: wider discounts and higher hurdle rates for new capital.<\/p>\n<p>Companies that remain profitable, such as Next, retain optionality. They can hold, realize gains to fund operations, or deploy proceeds defensively.<\/p>\n<p>Names 40% underwater face a different calculus: holding becomes a forced bet that Bitcoin rebounds before financing windows close.<\/p>\n<figure id=\"attachment_518590\" aria-describedby=\"caption-attachment-518590\" style=\"width: 1705px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-518590 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0.jpg\" alt=\"mNAV reflexivity map\" width=\"1705\" height=\"934\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0.jpg 1705w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0-300x164.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0-1024x561.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0-768x421.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0-1536x841.jpg 1536w\" sizes=\"(max-width: 1705px) 100vw, 1705px\"\/><img decoding=\"async\" class=\"lazyload wp-image-518590 size-full\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0.jpg\" alt=\"mNAV reflexivity map\" width=\"1705\" height=\"934\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0.jpg 1705w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0-300x164.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0-1024x561.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0-768x421.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/Photos_KYrGgCKod0-1536x841.jpg 1536w\" data-sizes=\"(max-width: 1705px) 100vw, 1705px\"\/><figcaption id=\"caption-attachment-518590\" class=\"wp-caption-text\">Scatter plot mapping market-to-NAV ratios against unrealized loss percentages for Bitcoin treasury companies, with bubble sizes representing BTC holdings and showing Nakamoto trading at steep discount despite being 44% underwater.<\/figcaption><\/figure>\n<h2>The incremental damage<\/h2>\n<p>The current $65,443 price is 51% below Bitcoin&#8217;s October 2025 peak of $126,000, part of a broader crypto market drawdown that has erased nearly $2 trillion in value.<\/p>\n<p>Earlier this week, $2.5 billion in Bitcoin liquidations accelerated the deleveraging, and Financial Times noted rising prediction-market odds of a sub-$60,000 outcome.<\/p>\n<p>Stifel&#8217;s technical models flag $38,000 as a cycle-style crash target based on trendline support.<\/p>\n<p>If Bitcoin sees a sustained drop below $60,000, a 9% decline from current levels, Strategy&#8217;s incremental loss deepens by $4.6 billion, Metaplanet&#8217;s by $226 million, and Twenty One Capital&#8217;s by $280 million.<\/p>\n<p>At $50,000, those figures balloon to $11.73 billion, $577 million, and $715 million, respectively.<\/p>\n<p>A slide to $38,000 would impose an additional $20.29 billion loss on Strategy alone, beyond the $6.85 billion it&#8217;s already underwater.<\/p>\n<p>Strive, holding 13,132 BTC at a $105,850 basis, would see its $517.5 million current loss expand by $373.5 million if Bitcoin hits $38,000.<\/p>\n<p>ProCap&#8217;s 5,000 BTC, purchased at $104,219.34, would deepen its $188.9 million underwater position by an additional $142 million.<\/p>\n<p>Even Next, still profitable at current prices, would surrender $165.9 million of its $179.5 million paper gain if Bitcoin falls to $38,000, leaving it barely above break-even.<\/p>\n<div class=\"code-block code-block-5\" style=\"margin: 8px 0; clear: both;\">\n<div class=\"placement desktop us-deny-hide hidden\" style=\"max-height: 107px\">  <img width=\"1456\" height=\"180\" decoding=\"async\" style=\"display: block; width: 728px; max-height: 90px; max-width: 100%; margin: auto; height: 90px;\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/11\/bc_game168_Sposorship_1456x180.gif\" alt=\"BC Game\"\/><img loading=\"lazy\" class=\"lazyload\" width=\"1456\" height=\"180\" decoding=\"async\" style=\"display: block; width: 728px; max-height: 90px; max-width: 100%; margin: auto; height: 90px;\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/11\/bc_game168_Sposorship_1456x180.gif\" alt=\"BC Game\"\/> <\/div>\n<\/div>\n<table>\n<thead>\n<tr>\n<th>Company<\/th>\n<th align=\"right\">BTC held<\/th>\n<th align=\"right\">\u0394P\/L to $60,000<\/th>\n<th align=\"right\">\u0394P\/L to $50,000<\/th>\n<th align=\"right\">\u0394P\/L to $38,000<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Nakamoto<\/td>\n<td align=\"right\">5,398<\/td>\n<td align=\"right\">-$0.03B<\/td>\n<td align=\"right\">-$0.09B<\/td>\n<td align=\"right\">-$0.15B<\/td>\n<\/tr>\n<tr>\n<td>Next<\/td>\n<td align=\"right\">5,833<\/td>\n<td align=\"right\">-$0.04B<\/td>\n<td align=\"right\">-$0.10B<\/td>\n<td align=\"right\">-$0.17B<\/td>\n<\/tr>\n<tr>\n<td>ProCap<\/td>\n<td align=\"right\">5,000<\/td>\n<td align=\"right\">-$0.03B<\/td>\n<td align=\"right\">-$0.08B<\/td>\n<td align=\"right\">-$0.14B<\/td>\n<\/tr>\n<tr>\n<td>Strive<\/td>\n<td align=\"right\">13,132<\/td>\n<td align=\"right\">-$0.08B<\/td>\n<td align=\"right\">-$0.22B<\/td>\n<td align=\"right\">-$0.37B<\/td>\n<\/tr>\n<tr>\n<td>Metaplanet<\/td>\n<td align=\"right\">35,102<\/td>\n<td align=\"right\">-$0.23B<\/td>\n<td align=\"right\">-$0.58B<\/td>\n<td align=\"right\">-$1.00B<\/td>\n<\/tr>\n<tr>\n<td>Twenty One Capital (XXI)<\/td>\n<td align=\"right\">43,514<\/td>\n<td align=\"right\">-$0.28B<\/td>\n<td align=\"right\">-$0.72B<\/td>\n<td align=\"right\">-$1.24B<\/td>\n<\/tr>\n<tr>\n<td><strong>Strategy<\/strong><\/td>\n<td align=\"right\"><strong>713,502<\/strong><\/td>\n<td align=\"right\"><strong>-$4.60B<\/strong><\/td>\n<td align=\"right\"><strong>-$11.73B<\/strong><\/td>\n<td align=\"right\"><strong>-$20.29B<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Cohort total (ex-Bitcoin Standard)<\/strong><\/td>\n<td align=\"right\"><strong>821,481<\/strong><\/td>\n<td align=\"right\"><strong>-$5.29B<\/strong><\/td>\n<td align=\"right\"><strong>-$13.51B<\/strong><\/td>\n<td align=\"right\"><strong>-$23.37B<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Strategy share of cohort incremental loss<\/strong><\/td>\n<td align=\"right\"\/>\n<td align=\"right\"><strong>86.9%<\/strong><\/td>\n<td align=\"right\"><strong>86.9%<\/strong><\/td>\n<td align=\"right\"><strong>86.9%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>ETF outflows and the distribution shift<\/h2>\n<p>The drawdown coincides with a structural shift in Bitcoin distribution.<\/p>\n<p>US spot Bitcoin ETFs, which accumulated aggressively through 2024 and early 2025, have seen net outflows in recent weeks as institutional allocators rotate toward safer assets.<\/p>\n<p>That flow reversal removes a key buyer bloc that previously absorbed supply pressure, leaving treasury companies as the dominant diamond-hands cohort.<\/p>\n<p>But \u201cdiamond hands\u201d is a narrative, not a financing strategy. Companies accumulating via convertible debt or equity raises face rising costs and shrinking mNAV premiums.<\/p>\n<div id=\"cs-inline-newsletter-6985ba3494908\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\">CryptoSlate Daily Brief<\/span><\/p>\n<h3 class=\"cs-inline-newsletter__title\">Daily signals, zero noise.<\/h3>\n<p class=\"cs-inline-newsletter__copy\">Market-moving headlines and context delivered every morning in one tight read.<\/p>\n<p> <span><i class=\"fa-regular fa-bolt\" aria-hidden=\"true\"\/> 5-minute digest<\/span> <span><i class=\"fa-regular fa-star\" aria-hidden=\"true\"\/> 100k+ readers<\/span><\/p>\n<\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p class=\"cs-inline-newsletter__privacy\">Free. No spam. Unsubscribe any time.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<p> <i class=\"fa-regular fa-circle-check\" aria-hidden=\"true\"\/> <span>You\u2019re subscribed. Welcome aboard.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Metaplanet&#8217;s 1.018 multiple gives it equity-issuance capacity near parity with BTC holdings.<\/p>\n<p>Strategy&#8217;s 0.784 means every dollar raised via equity costs 1.27 dollars of Bitcoin value on a look-through basis.<\/p>\n<p>Nakamoto&#8217;s 0.329 multiple turns equity raises into a 3-to-1 dilution tax.<\/p>\n<h2>Reflexivity trap<\/h2>\n<p>The danger isn&#8217;t only the mark-to-market loss but also the feedback loop.<\/p>\n<p>Underwater treasuries compress mNAV multiples, raising the cost of new capital, slowing accumulation, weighing on equity sentiment, and compressing multiples further.<\/p>\n<p>Companies with high cost bases bought into strength. If Bitcoin continues to fall, they bought into the top of a cycle.<\/p>\n<p>Twenty One Capital&#8217;s $87,280.37 basis, disclosed in SEC filings, sits 24% above current prices but 13% below Strategy&#8217;s $76,047 average. It becomes a matter of timing, not conviction.<\/p>\n<p>ProCap&#8217;s estimated $104,219.34 basis and Strive&#8217;s $105,850 cluster in the same late-2024 buying window. All three are now 36-37% underwater, meaning they would need Bitcoin to rally above $91,000 to break even, a 37% gain from current levels.<\/p>\n<h2>What happens at $38,000<\/h2>\n<p>If Stifel&#8217;s $38,000 target materializes, the aggregate loss for these eight treasuries would exceed $25 billion in incremental damage from today&#8217;s levels.<\/p>\n<p>Strategy alone would result in a $20.29 billion hit on top of its current $6.85 billion paper loss, bringing total unrealized losses to $27.14 billion. Metaplanet would be nearly $2.5 billion underwater total, while Twenty One Capital would approach $2.2 billion.<\/p>\n<p>At that price, even Next would fall short of breakeven, erasing its $179.5 million cushion. The entire cohort would be underwater, with no optionality other than to hold and wait for a recovery that markets are increasingly pricing as uncertain.<\/p>\n<p>Pure Bitcoin treasuries bet that conviction plus scale equals compounding.<\/p>\n<p>When Bitcoin rises, leverage amplifies gains and mNAV multiples expand, turning equity into a call option on BTC with embedded financing arbitrage. When Bitcoin falls, the same leverage turns paper losses into financing constraints and multiple compressions into a reflexive trap.<\/p>\n<p>The current $65,443 price doesn&#8217;t erase the thesis. Instead, it stress-tests it.<\/p>\n<p>Strategy&#8217;s $6.85 billion unrealized loss represents 12.6% of its BTC value, a figure that would be tolerable if Bitcoin rebounds. If it doesn&#8217;t, the question becomes: at what price does underwater become unsustainable, and who decides when conviction turns into capitulation?<\/p>\n<p>For now, the market has rendered its verdict through mNAV: premiums for profitable treasuries, discounts for underwater ones, and steep discounts for those without clear exit ramps.<\/p>\n<p>The paper loss leaderboard isn&#8217;t static. It recalibrates with every $1,000 move in Bitcoin, and the next leg down will determine whether these treasuries are value traps or cycle survivors.<\/p>\n<div class=\"post-bottom\">\n<div class=\"post-mentions-and-posted-in\">\n<div class=\"post-info-block post-mentions\">\n<header><span class=\"post-info__label\">Mentioned in this article<\/span><\/header>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Analysis,Digital Asset Treasuries,Featured,Market#Bitcoins #slide #60k #puts #BTC #treasury #companies #10B #underwater #major #firm #braces #27B #disaster1770375036<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s (BTC) slide to as low as $60,233 overnight, before recovering somewhat to $65,443, has left most of the largest pure-play Bitcoin treasury companies deeply underwater on their holdings, with combined unrealized losses approaching $10 billion across eight entities that collectively control more than 850,000 BTC. The reckoning hits hardest at the top. Strategy, formerly<\/p>\n","protected":false},"author":1,"featured_media":6395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[1762,2255,2253,42,2254,285,2065,2256,2096,46,1541,1802,585,2066],"class_list":{"0":"post-6394","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ethereum","8":"tag-10b","9":"tag-27b","10":"tag-60k","11":"tag-bitcoins","12":"tag-braces","13":"tag-btc","14":"tag-companies","15":"tag-disaster","16":"tag-firm","17":"tag-major","18":"tag-puts","19":"tag-slide","20":"tag-treasury","21":"tag-underwater"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin&#039;s slide to $60k puts BTC treasury companies $10B underwater as one major firm is braces for a $27B disaster - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"description\" content=\"Eight pure play Bitcoin treasury firms control more than 850,000 BTC, but seven are underwater as Strategy and Metaplanet carry most of the damage.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=6394\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin&#039;s slide to $60k puts BTC treasury companies $10B underwater as one major firm is braces for a $27B disaster\" \/>\n<meta property=\"og:description\" content=\"Eight pure play Bitcoin treasury firms control more than 850,000 BTC, but seven are underwater as Strategy and Metaplanet carry most of the damage.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.uk.com\/?p=6394\" \/>\n<meta property=\"og:site_name\" content=\"Crypto News: Latest Cryptocurrency News and Analysis\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-06T10:50:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptonews.uk.com\/wp-content\/uploads\/2026\/02\/1770375036_bitcoin-treasury-underwater.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"\u884c\u653f\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\u884c\u653f\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptonews.uk.com\/?p=6394\",\"url\":\"https:\/\/cryptonews.uk.com\/?p=6394\",\"name\":\"Bitcoin's slide to $60k puts BTC treasury companies $10B underwater as one major firm is braces for a $27B disaster - 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