Bitcoin climbed back above $80,000, and the companies that stockpile it are finally in the black again. Public firms that hold Bitcoin as a primary reserve asset now show aggregate unrealized gains of approximately $10.2 billion, or about 11.1%.
The numbers behind the rebound
The price recovery came in mid-to-late October 2026. That pushed the corporate Bitcoin trade out of the red it had been stuck in earlier in the year.
Across 172 tracked public companies, holdings total approximately 1.27 million BTC. That stash represents about 6% of Bitcoin’s total supply.
As of late October 2026, those coins were worth approximately $107 billion.
Cost data is only available for 101 of the 172 firms. Those companies paid approximately $92.6 billion for coins that are now valued higher than what they spent.
The average cost basis across the group sits near $76,300 per BTC. With Bitcoin above $80,000, that cushion is real but not exactly roomy.
Strategy still runs the show
Strategy, the company formerly known as MicroStrategy, remains the heavyweight of the sector by a wide margin. It holds approximately 848,500 BTC, or roughly 4% of all Bitcoin that will ever exist.
Put differently, one company holds about two-thirds of the BTC owned by all 172 tracked public firms combined.
Strategy’s average cost comes in at approximately $76,084 per coin. That puts its unrealized gain at about 11.4% at current prices.
The company has leaned heavily on equity sales to fund its purchases. It issues stock, uses the proceeds to buy Bitcoin, and repeats as long as investors keep showing up for the shares.
Recently, though, Strategy has engaged in selective tactical trading rather than wholesale accumulation.
Not everyone is celebrating. Metaplanet holds approximately 44,000 BTC at an average cost of approximately $88,551, which leaves it still underwater even with prices above $80,000.
MARA Holdings sits on the other end of the spectrum. Its approximately 35,600 BTC show an unrealized gain of about 18%, making it one of the better-positioned large holders.
Profitable, but not shopping
The anticipated wave of new corporate buying has not materialized. Companies are adjusting holdings tactically instead of piling in at scale.
The stock market reaction has also been mixed. Several treasury firms trade at a premium to the net asset value of their Bitcoin, while others trade at a discount.
A company trading at a premium can issue shares and buy more Bitcoin per share than its existing holders own, effectively growing its stack. A company trading at a discount gets no such advantage, so raising money to buy more coins tends to dilute shareholders rather than reward them.
Why the pause matters
Corporate treasuries have been one of the more visible sources of Bitcoin demand. When 172 companies hold about 6% of supply, their collective mood has a real effect on market dynamics.
For investors in treasury stocks, cost basis now matters a lot. Firms like Strategy and MARA have breathing room, while Metaplanet still needs prices to climb further before its books look healthy.
Strategy’s behavior is probably the clearest signal for the whole group. If the largest and most committed buyer is trading tactically instead of accumulating, smaller firms with thinner margins have even less reason to be bold.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.