In the next couple of weeks ALL wall street firms with Bitcoin exposure - AND treasury companies - will announce their unrealised loss for Q4 of 2025. When that FUD hits the news remember, almost all of them are in the green down to ~60k. It's end of the year "accounting magic". Once that's done watch how Bitcoin will magically do it's thing again.

I'll leave this here for now so I can get back to it later when their numbers drop.

Baseline:

→ Uses last known average acquisition costs disclosed by firms

→ ETFs assumed to track spot (unrealised P/L ≈ neutral)

→ “Unrealised loss” only counted where avg dollar cost > $87,140

🏢 Public Bitcoin Treasury Companies

→ MicroStrategy (MSTR)

→ Avg cost est.: ~$35–40k

→ BTC held: ~190k+

→ Unrealised loss: $0 (large unrealised gain)

→ Tesla (TSLA)

→ Avg cost est.: ~$43k

→ BTC held: ~9.7k

→ Unrealised loss: $0

→ Coinbase (COIN)

→ Avg cost est.: <$30k

→ BTC held: ~9k

→ Unrealised loss: $0

→ Marathon Digital (MARA)

→ Avg cost est.: <$25k (mined BTC)

→ BTC held: ~16k+

→ Unrealised loss: $0

→ Riot Platforms (RIOT)

→ Avg cost est.: <$20k (mined BTC)

→ BTC held: ~8k+

→ Unrealised loss: $0

→ Block Inc. (SQ)

→ Avg cost est.: ~$31k

→ BTC held: ~8k

→ Unrealised loss: $0

Subtotal (Public Treasuries):

→ Estimated unrealised loss: $0

🧾 Spot Bitcoin ETF Firms

→ IBIT (BlackRock)

→ Holdings valued at NAV

→ Unrealised loss: ~$0

→ FBTC (Fidelity)

→ Holdings valued at NAV

→ Unrealised loss: ~$0

→ GBTC (Grayscale)

→ Holdings marked to market

→ Unrealised loss: ~$0

→ (Discount/premium is not an unrealised BTC loss)

→ ARKB / BITB / HODL / BTCO (Others)

→ Spot-backed, market-priced

→ Unrealised loss: ~$0

Subtotal (ETFs):

→ Estimated unrealised loss: $0

🧮 Aggregate Estimate

→ Total unrealised loss (public BTC holders + ETFs):

→ ≈ $0

At $87k BTC, virtually all major public holders are deeply in profit, not underwater.