btc corporate treasuries. 24 jun 2026. spot $62,704.
top 5 by sat balance: $MSTR: 528,185 btc. value $33.12B. avg cost $67,485. unrealized loss 7%. $MARA: 47,600 btc. value $2.98B. avg cost $49,000. unrealized gain 28%. $RIOT: 16,728 btc. value $1.05B. avg cost $38,000. unrealized gain 65%. $CLSK: 12,100 btc. value $0.76B. avg cost $51,000. unrealized gain 23%. $TSLA: 11,509 btc. value $0.72B. avg cost $31,620. unrealized gain 98%.
aggregate across all tracked entities: 657,087 btc. total usd value $41.20B. best unrealized pnl: $HUT at +137%. worst unrealized pnl: $SMLR at -29%.
the elephant in the room is $MSTR. 528k coins underwater. paper loss of roughly $2.5B. no forced selling pressure yet. the debt is structured with long dated converts and low coupons. but the optics are getting worse. the market cap of the software business is a rounding error next to the btc position. this is a levered bet on btc that is currently losing.
the miners are all comfortably in profit. $RIOT's average cost of $38k is the lowest of the big three. $MARA's $49k cost base is the highest. if btc revisits $49k, mara's entire treasury goes underwater. that's the falsifiable line. below $49k, mara's btc stack is a net liability on their balance sheet. they would face pressure to sell or hedge. not a prediction. just math.
$TSLA still holding. cost basis $31,620. unrealized gain 98%. they sold 75% in 2022. the remaining stack is pure house money. no pressure there.
aggregate corporate btc is 657k coins. 3.1% of total supply. concentrated in one name. the "corporate treasury" narrative is really a single stock story.
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Originally published on FalsifyLab Substack.