u.today
At a current price of $67,515, Bitcoin, the first and largest cryptocurrency by market cap, is down 46.5% from its all-time high of $126,198 reached in October 2025. Bitcoin’s nearly 47% drop in a matter of months has put most corporate crypto treasuries under pressure.
Crypto analyst and Capriole fund founder Charles Edwards indicated a large chunk of Bitcoin treasury companies are in losses.
"77% of Bitcoin Treasury Companies are underwater on their Bitcoin buys," Edwards wrote in a recent tweet, adding that the "last time this happened was May 2022."
77% of Bitcoin Treasury Companies are underwater on their Bitcoin buys. The last time this happened was May 2022. pic.twitter.com/S7XBBVEiEn
— Charles Edwards (@caprioleio) March 8, 2026
The collapse of TerraUSD stablecoin project in May 2022 sparked a daisy chain of corporate failures, which impacted Bitcoin's price and consequently treasury buyers.
Bitcoin treasury companies hit by $BTC price drop
Bitcoin's price has fallen below the average purchase cost of Michael Saylor's Bitcoin treasury company, Strategy.
Bitcoin, at above $67,000, trades well below Strategy’s average purchase price of roughly $75,985 per coin, implying that the one-time enterprise software-focused company is sitting on billions in unrealized losses.
As of March 1, Strategy's Bitcoin holdings amount to 720,737 $BTC acquired for nearly $54.77 billion at nearly $75,985 per Bitcoin.
The company’s common stock has fallen for eight straight months, erasing more than 70% of its value since November 2024.
Bitcoin price action
Bitcoin fell in a three-day drop following a midweek surge to a high of $74,100 on March 4. Bitcoin fell below $67,000 as investors digested the release of U.S. economic data and macro concerns.
A lower-than-expected jobs report increased concerns about the economy, with traders looking ahead to the possibility of interest rate cuts at a Federal Reserve meeting later this month.
Saturday's drop comes on the heels of a stronger dollar index, with most assets paired with the dollar falling. Bitcoin slightly rebounded from Sunday's low of $66,541 and trades at $67,515.