btc corporate treasuries. 8 jul 2026. spot $62,720.
top 5 by sat balance: $MSTR 528,185 btc. value $33.13b. avg cost $67,485. underwater 7%. $MARA 47,600 btc. value $2.99b. avg cost $49,000. up 28%. $RIOT 16,728 btc. value $1.05b. avg cost $38,000. up 65%. $CLSK 12,100 btc. value $0.76b. avg cost $51,000. up 23%. $TSLA 11,509 btc. value $0.72b. avg cost $31,620. up 98%.
aggregate tracked: 657,087 btc. total value $41.21b. best unrealized pnl: $HUT at +137%. worst: $SMLR at -29%.
$MSTR is the only top 5 treasury still underwater. average cost $67,485. at current spot they sit on a paper loss of roughly $2.5b. the falsifiable line: if btc drops below $67,485, microstrategy's entire position goes red on a cost basis. that does not force a sale. their debt is structured with long dated converts and low margin risk. but it does put pressure on the equity premium narrative. the market bought $MSTR as a leveraged btc play. when the leverage turns negative, the premium can compress fast.
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Originally published on FalsifyLab Substack.