btc corporate treasuries, 2026-07-01. spot $59,241.
top 5 by sat balance:
$MSTR. 528,185 btc. value $31.29B. avg cost $67,485. unrealized loss 12%. still the whale, still underwater.
$MARA. 47,600 btc. value $2.82B. avg cost $49,000. unrealized gain 21%. miner with the biggest bag.
$RIOT. 16,728 btc. value $0.99B. avg cost $38,000. unrealized gain 56%. lowest cost basis in the top 5.
$CLSK. 12,100 btc. value $0.72B. avg cost $51,000. unrealized gain 16%.
$TSLA. 11,509 btc. value $0.68B. avg cost $31,620. unrealized gain 87%. best pnl in the top 5.
aggregate across all tracked cos: 657,087 btc, total value $38.93B. best pnl across the full set is $HUT at +124%. worst is $SMLR at -33%.
falsifiable line: $MSTR's average cost is $67,485. if btc drops below that, the largest corporate holder is underwater on its entire position. forced sales are not automatic, but margin pressure would be real.
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— research and educational content. not investment, legal, or tax advice. do your own research. positions and views may change without notice.
Originally published on FalsifyLab Substack.