As Bitcoin enters a correction phase after hitting an all-time high, a significant number of global companies that aggressively purchased Bitcoin this year are now experiencing valuation losses. This suggests that the accounting burden is becoming increasingly significant for companies that entered the market near its peak.
According to various research data, more than half of the companies surveyed are holding Bitcoin at prices below the current purchase price. While corporate Bitcoin purchases once attracted attention, they appear to be shifting to short-term financial pressures as prices have adjusted.
In the past month, some miners and financial strategy firms have also shown signs of selling some of their Bitcoin holdings to manage risk. However, the overall trend of net buying continues. This is due to the active purchasing of a small number of Bitcoin treasury-specialized companies even during the correction period. It is reported that certain companies accounted for a significant portion of the total net buying in the past month alone.
Meanwhile, companies that purchased Bitcoin at relatively low prices during previous cycles are maintaining stable positions. Some large technology and electric vehicle companies are reportedly still holding significant unrealized profits even during the correction, thanks to their low average price.
However, the situation is different for new companies that first entered the market near this year's peak or significantly increased their purchases in a short period of time. In particular, companies that made a single purchase and then failed to make further purchases are missing opportunities to lower their average price, resulting in relatively large valuation losses.
Experts pointed out that, “Although it has not yet reached the stage where it has led to concerns about corporate insolvency, it is a time when companies that purchased Bitcoin at its peak are realizing the limitations of their risk management systems,” and that, “Boards of directors and risk committees need to move away from the confidence bias toward a ‘long-term upward trend’ and consider a more structured treasury strategy.”
Meanwhile, the fervor among companies purchasing Bitcoin, which surged early this year, appears to be gradually slowing. While the number of companies holding Bitcoin has increased, the number of new purchases announced has shown a marked decline in recent months. Many of these companies are classified as one-time investors, making a single purchase and not pursuing further purchases.
Experts predicted that while corporate acquisitions could support structural demand for Bitcoin in the long term, the performance gap between companies based on their entry points will become even more pronounced in times of increased price volatility.
