{"id":518587,"date":"2026-02-06T09:50:29","date_gmt":"2026-02-06T09:50:29","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=518587"},"modified":"2026-02-09T09:26:54","modified_gmt":"2026-02-09T09:26:54","slug":"as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/","title":{"rendered":"Bitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster"},"content":{"rendered":"

Bitcoin'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

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

That's a 12.6% drawdown on a treasury worth $47.4 billion at spot, but the company's scale means every $1,000 move in Bitcoin's price swings its paper position by $713.5 million.<\/p>\n

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

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<\/a> with the US Securities and Exchange Commission.<\/p>\n

The dataset, sourced from Bitcoin Treasuries, tracks only companies whose business model centers exclusively on Bitcoin accumulation.<\/p>\n

Coinbase<\/a>, Tesla<\/a>, and other firms with diversified operations don't qualify, making this a pure test of conviction versus cost basis.<\/p>\n

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

\"Underwater
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

The mNAV compression risk<\/h2>\n

Market-to-net-asset-value ratios add a reflexive dimension to the pain. Metaplanet<\/a> trades at an mNAV of 1.018, essentially in line with its BTC holdings, while Strategy's 0.784 multiple implies the market values its equity at a 21.6% discount to its Bitcoin treasury.<\/p>\n

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

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

Companies that remain profitable, such as Next, retain optionality. They can hold, realize gains to fund operations, or deploy proceeds defensively.<\/p>\n

Names 40% underwater face a different calculus: holding becomes a forced bet that Bitcoin rebounds before financing windows close<\/a>.<\/p>\n

\"mNAV
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

The incremental damage<\/h2>\n

The current $65,443 price is 51% below Bitcoin's October 2025 peak of $126,000<\/a>, part of a broader crypto market drawdown that has erased nearly $2 trillion in value.<\/p>\n

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

Stifel's technical models flag $38,000 as a cycle-style crash target based on trendline support.<\/p>\n

If Bitcoin sees a sustained drop below $60,000, a 9% decline from current levels, Strategy's incremental loss deepens by $4.6 billion<\/a>, Metaplanet's by $226 million, and Twenty One Capital's by $280 million.<\/p>\n

At $50,000, those figures balloon to $11.73 billion, $577 million, and $715 million, respectively.<\/p>\n

A slide to $38,000 would impose an additional $20.29 billion loss on Strategy alone, beyond the $6.85 billion it's already underwater.<\/p>\n

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<\/a> hits $38,000.<\/p>\n

ProCap's 5,000 BTC, purchased at $104,219.34, would deepen its $188.9 million underwater position by an additional $142 million.<\/p>\n

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\n\n\n\n\n\n\n\n\n\n\n\n\n
Company<\/th>\nBTC held<\/th>\n\u0394P\/L to $60,000<\/th>\n\u0394P\/L to $50,000<\/th>\n\u0394P\/L to $38,000<\/th>\n<\/tr>\n<\/thead>\n
Nakamoto<\/td>\n5,398<\/td>\n-$0.03B<\/td>\n-$0.09B<\/td>\n-$0.15B<\/td>\n<\/tr>\n
Next<\/td>\n5,833<\/td>\n-$0.04B<\/td>\n-$0.10B<\/td>\n-$0.17B<\/td>\n<\/tr>\n
ProCap<\/td>\n5,000<\/td>\n-$0.03B<\/td>\n-$0.08B<\/td>\n-$0.14B<\/td>\n<\/tr>\n
Strive<\/td>\n13,132<\/td>\n-$0.08B<\/td>\n-$0.22B<\/td>\n-$0.37B<\/td>\n<\/tr>\n
Metaplanet<\/td>\n35,102<\/td>\n-$0.23B<\/td>\n-$0.58B<\/td>\n-$1.00B<\/td>\n<\/tr>\n
Twenty One Capital (XXI)<\/td>\n43,514<\/td>\n-$0.28B<\/td>\n-$0.72B<\/td>\n-$1.24B<\/td>\n<\/tr>\n
Strategy<\/strong><\/td>\n713,502<\/strong><\/td>\n-$4.60B<\/strong><\/td>\n-$11.73B<\/strong><\/td>\n-$20.29B<\/strong><\/td>\n<\/tr>\n
Cohort total (ex-Bitcoin Standard)<\/strong><\/td>\n821,481<\/strong><\/td>\n-$5.29B<\/strong><\/td>\n-$13.51B<\/strong><\/td>\n-$23.37B<\/strong><\/td>\n<\/tr>\n
Strategy share of cohort incremental loss<\/strong><\/td>\n<\/td>\n86.9%<\/strong><\/td>\n86.9%<\/strong><\/td>\n86.9%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

ETF outflows and the distribution shift<\/h2>\n

The drawdown coincides with a structural shift in Bitcoin distribution.<\/p>\n

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

That flow reversal removes a key buyer bloc that previously absorbed supply pressure, leaving treasury companies as the dominant diamond-hands cohort.<\/p>\n

But “diamond hands” is a narrative, not a financing strategy. Companies accumulating via convertible debt or equity raises face rising costs and shrinking mNAV premiums.<\/p>\n

Metaplanet's 1.018 multiple gives it equity-issuance capacity near parity with BTC holdings.<\/p>\n

Strategy's<\/a> 0.784 means every dollar raised via equity<\/a> costs 1.27 dollars of Bitcoin value on a look-through basis.<\/p>\n

Nakamoto's 0.329 multiple turns equity raises into a 3-to-1 dilution tax.<\/p>\n

Reflexivity trap<\/h2>\n

The danger isn't only the mark-to-market loss but also the feedback loop.<\/p>\n

Underwater treasuries compress mNAV multiples, raising the cost of new capital, slowing accumulation, weighing on equity sentiment, and compressing multiples further.<\/p>\n

Companies with high cost bases bought into strength. If Bitcoin continues to fall, they bought into the top of a cycle.<\/p>\n

Twenty One Capital's $87,280.37 basis, disclosed in SEC filings, sits 24% above current prices but 13% below Strategy's $76,047 average. It becomes a matter of timing, not conviction.<\/p>\n

ProCap's estimated $104,219.34 basis and Strive'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

What happens at $38,000<\/h2>\n

If Stifel's $38,000 target materializes, the aggregate loss for these eight treasuries would exceed $25 billion in incremental damage from today's levels.<\/p>\n

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

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

Pure Bitcoin treasuries bet that conviction plus scale equals compounding.<\/p>\n

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

The current $65,443 price doesn't erase the thesis. Instead, it stress-tests it.<\/p>\n

Strategy'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't, the question becomes: at what price does underwater become unsustainable, and who decides when conviction turns into capitulation?<\/p>\n

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

The paper loss leaderboard isn'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","protected":false},"excerpt":{"rendered":"

Bitcoin’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":1511,"featured_media":518606,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,80573,77968,79312],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster<\/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:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin collapse sends BTC treasuries $10B underwater as one major firm 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:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-06T09:50:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-09T09:26:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/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=\"Gino Matos\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gino Matos\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/gino-matos\/#person\",\"name\":\"Gino Matos\",\"url\":\"https:\/\/cryptoslate.com\/author\/gino-matos\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/gino-matos\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/gino-matos\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-gino-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-gino-300x300.jpg\",\"caption\":\"Gino Matos\"},\"jobTitle\":\"Reporter\",\"description\":\"Gino Matos is a seasoned crypto journalist and law graduate covering Brazil\u2019s blockchain ecosystem and DeFi developments.\",\"worksFor\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"sameAs\":[\"https:\/\/x.com\/pelicamatos\",\"https:\/\/www.linkedin.com\/in\/ginomatos\",\"https:\/\/muckrack.com\/gino-matos\"]},\"headline\":\"Bitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster\",\"datePublished\":\"2026-02-06T09:50:29+00:00\",\"dateModified\":\"2026-02-09T09:26:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/\"},\"wordCount\":1216,\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"articleSection\":[\"Analysis\",\"Digital Asset Treasuries\",\"Featured\",\"Market\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2026\",\"copyrightHolder\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/\",\"url\":\"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/\",\"name\":\"Bitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/#website\"},\"datePublished\":\"2026-02-06T09:50:29+00:00\",\"dateModified\":\"2026-02-09T09:26:54+00:00\",\"description\":\"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.\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptoslate.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptoslate.com\/#website\",\"url\":\"https:\/\/cryptoslate.com\/\",\"name\":\"CryptoSlate\",\"description\":\"Cryptocurrency News and Real-time Coin Data\",\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":\"NewsMediaOrganization\",\"@id\":\"https:\/\/cryptoslate.com\/#organization\",\"name\":\"CryptoSlate\",\"url\":\"https:\/\/cryptoslate.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"width\":1000,\"height\":1000,\"caption\":\"CryptoSlate\"},\"image\":{\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/twitter.com\/cryptoslate\",\"https:\/\/www.instagram.com\/cryptoslate\",\"https:\/\/www.linkedin.com\/company\/cryptoslate\",\"https:\/\/www.youtube.com\/c\/cryptoslate\",\"https:\/\/t.me\/cryptoslatenews\",\"https:\/\/www.crunchbase.com\/organization\/cryptoslate\",\"https:\/\/iq.wiki\/wiki\/cryptoslate\",\"https:\/\/news.google.com\/publications\/CAAqKggKIiRDQklTRlFnTWFoRUtEMk55ZVhCMGIzTnNZWFJsTG1OdmJTZ0FQAQ\",\"https:\/\/muckrack.com\/media-outlet\/cryptoslate\",\"https:\/\/www.tiktok.com\/@cryptoslatenews\"],\"publishingPrinciples\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles\",\"ownershipFundingInfo\":\"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/\",\"correctionsPolicy\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback\",\"ethicsPolicy\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles\",\"foundingDate\":\"2017-08-04\",\"founder\":[{\"@type\":\"Person\",\"name\":\"Nate Whitehill\"},{\"@type\":\"Person\",\"name\":\"Matthew Blancarte\"}],\"contactPoint\":[{\"@type\":\"ContactPoint\",\"contactType\":\"customer support\",\"url\":\"https:\/\/cryptoslate.com\/contact\/\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"sales\",\"url\":\"https:\/\/cryptoslate.com\/contact\/?topic=advertising#contact-form\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"newsroom\",\"url\":\"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback\",\"email\":\"tips@cryptoslate.com\",\"availableLanguage\":\"en-US\"}],\"masthead\":\"https:\/\/cryptoslate.com\/about\/#masthead\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/f03754c9e579651795caf77a2b00c49c\",\"name\":\"Gino Matos\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-gino-150x150.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-gino-150x150.jpg\",\"caption\":\"Gino Matos\"},\"description\":\"Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).\",\"url\":\"https:\/\/cryptoslate.com\/author\/gino-matos\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Bitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster","description":"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.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster","og_description":"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.","og_url":"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/","og_site_name":"CryptoSlate","article_published_time":"2026-02-06T09:50:29+00:00","article_modified_time":"2026-02-09T09:26:54+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/02\/bitcoin-treasury-underwater.jpg","type":"image\/jpeg"}],"author":"Gino Matos","twitter_card":"summary_large_image","twitter_creator":"@cryptoslate","twitter_site":"@cryptoslate","twitter_misc":{"Written by":"Gino Matos","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/#article","isPartOf":{"@id":"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/"},"author":{"@type":"Person","@id":"https:\/\/cryptoslate.com\/author\/gino-matos\/#person","name":"Gino Matos","url":"https:\/\/cryptoslate.com\/author\/gino-matos\/","mainEntityOfPage":{"@id":"https:\/\/cryptoslate.com\/author\/gino-matos\/"},"image":{"@type":"ImageObject","@id":"https:\/\/cryptoslate.com\/author\/gino-matos\/#authorimage","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-gino-300x300.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-gino-300x300.jpg","caption":"Gino Matos"},"jobTitle":"Reporter","description":"Gino Matos is a seasoned crypto journalist and law graduate covering Brazil\u2019s blockchain ecosystem and DeFi developments.","worksFor":{"@id":"https:\/\/cryptoslate.com\/#organization"},"sameAs":["https:\/\/x.com\/pelicamatos","https:\/\/www.linkedin.com\/in\/ginomatos","https:\/\/muckrack.com\/gino-matos"]},"headline":"Bitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster","datePublished":"2026-02-06T09:50:29+00:00","dateModified":"2026-02-09T09:26:54+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/"},"wordCount":1216,"publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"articleSection":["Analysis","Digital Asset Treasuries","Featured","Market"],"inLanguage":"en-US","copyrightYear":"2026","copyrightHolder":{"@id":"https:\/\/cryptoslate.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/","url":"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/","name":"Bitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster","isPartOf":{"@id":"https:\/\/cryptoslate.com\/#website"},"datePublished":"2026-02-06T09:50:29+00:00","dateModified":"2026-02-09T09:26:54+00:00","description":"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.","breadcrumb":{"@id":"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/cryptoslate.com\/as-bitcoin-sinks-to-60k-btc-treasury-companies-go-10-billion-underwater-and-one-major-firm-is-bracing-for-a-27-billion-disaster\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptoslate.com\/"},{"@type":"ListItem","position":2,"name":"Bitcoin collapse sends BTC treasuries $10B underwater as one major firm braces for a $27B disaster"}]},{"@type":"WebSite","@id":"https:\/\/cryptoslate.com\/#website","url":"https:\/\/cryptoslate.com\/","name":"CryptoSlate","description":"Cryptocurrency News and Real-time Coin Data","publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"inLanguage":"en-US"},{"@type":"NewsMediaOrganization","@id":"https:\/\/cryptoslate.com\/#organization","name":"CryptoSlate","url":"https:\/\/cryptoslate.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","width":1000,"height":1000,"caption":"CryptoSlate"},"image":{"@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/twitter.com\/cryptoslate","https:\/\/www.instagram.com\/cryptoslate","https:\/\/www.linkedin.com\/company\/cryptoslate","https:\/\/www.youtube.com\/c\/cryptoslate","https:\/\/t.me\/cryptoslatenews","https:\/\/www.crunchbase.com\/organization\/cryptoslate","https:\/\/iq.wiki\/wiki\/cryptoslate","https:\/\/news.google.com\/publications\/CAAqKggKIiRDQklTRlFnTWFoRUtEMk55ZVhCMGIzTnNZWFJsTG1OdmJTZ0FQAQ","https:\/\/muckrack.com\/media-outlet\/cryptoslate","https:\/\/www.tiktok.com\/@cryptoslatenews"],"publishingPrinciples":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles","ownershipFundingInfo":"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/","correctionsPolicy":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback","ethicsPolicy":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#editorial-principles","foundingDate":"2017-08-04","founder":[{"@type":"Person","name":"Nate Whitehill"},{"@type":"Person","name":"Matthew Blancarte"}],"contactPoint":[{"@type":"ContactPoint","contactType":"customer support","url":"https:\/\/cryptoslate.com\/contact\/","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"sales","url":"https:\/\/cryptoslate.com\/contact\/?topic=advertising#contact-form","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"newsroom","url":"https:\/\/cryptoslate.com\/disclaimers\/editorial-policy\/#corrections-feedback","email":"tips@cryptoslate.com","availableLanguage":"en-US"}],"masthead":"https:\/\/cryptoslate.com\/about\/#masthead"},{"@type":"Person","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/f03754c9e579651795caf77a2b00c49c","name":"Gino Matos","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-gino-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-gino-150x150.jpg","caption":"Gino Matos"},"description":"Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).","url":"https:\/\/cryptoslate.com\/author\/gino-matos\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/518587"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/1511"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=518587"}],"version-history":[{"count":12,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/518587\/revisions"}],"predecessor-version":[{"id":518897,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/518587\/revisions\/518897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/518606"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=518587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=518587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=518587"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=518587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}