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2026年2月13日金曜日

paper loss or unrealized losses on Bitcoin, impact of stock market delisting and bankruptcy

 Currently, people sometimes say things like, "Bitcoin will reach about $120,000 again in 2026," "It will be $1 million in 10 years," or "I want to buy more now."  Please ask these people to check the impact of unrealized losses, delisting, and bankruptcy. In 2025, Bitcoin reached about $120,000, but how much did the Bitcoin Treasury Company spend to get there? Most of them are carrying unrealized losses, putting a strain on management.


  • Bitcoin Treasury Company's Unrealized Losses and Management Burden

  • Notice of delisting and delisting from the stock market.

  • If the company is liquidated through bankruptcy, the shares will become worthless and the Bitcoin will be liquidated.


Unrealized losses or valuation losses, also known as Paper losses, refer to the decline in the market value of an investment or asset (such as stocks, bonds, or real estate) that has not yet been sold.

  • Balance Sheet: For a company, unrealized losses are recorded on the balance sheet and may affect capital, but do not directly affect cash flow.

  • For example: If you buy a stock for $1,000 and it falls to $700, you have an unrealized loss of $300. If you sell the stock at that price, the loss becomes a "realized" loss.

Delisting from the stock market.

If a company is unable to maintain the minimum stock price for 30 consecutive days, if it falls below the requirements, or if it fails to submit reports, it will be deemed to no longer meet the requirements for continued listing and will be sent a delisting notice. If the situation does not improve, the company will be delisted.

What happens if the stock is delisted?

Investors still own the stock but face higher risks and trading costs.

  • When the company was forced to delist, its stock price plummeted.

  • Delisting often means imminent bankruptcy.

If a company is liquidated in bankruptcy, the shares may become completely worthless.

If the company go bankrupt, will the company have to sell my Bitcoin?


Yes, Bitcoin and other cryptocurrencies are considered assets in bankruptcy proceedings and often must be liquidated (sold) unless they qualify for certain exemptions. Trustees typically require that non-exempt cryptocurrencies be transferred or sold to repay creditors and often value the assets at their market value on the filing date.


Failure to disclose cryptocurrency may result in fraud charges, dismissal of your case, and other legal penalties.


Disclaimer: Bankruptcy laws are complex and vary by jurisdiction. Please consult with a qualified bankruptcy attorney.


Bitcoin Treasury Company's Unrealized Losses and Management Burden


Strategy currently holds a total of 713,502 Bitcoins, has accumulated debt of $8.2 billion, and has a staggering unrealized loss of $6.4 billion. With its stock price slump, the company was purchasing Bitcoin once a week, but the amount of unrealized loss grew so large that it put pressure on the company's management, and the company changed its policy to purchasing Bitcoin once every three months.


Metaplanet was once insolvent in 2023, and its unrealized losses have grown to $1.4 billion this year, marking the second time. Depending on its policies, it could be delisted. It holds 35,102 Bitcoins, and if these were to be forced to be sold, the price of Bitcoin would plummet, further damaging already struggling companies, triggering a chain reaction that would lead to bankruptcy and collapse.


Why is it unlikely that the all-time high will be broken again this year or in two years?


Strategy raised funds through equity and then borrowed further against Bitcoin. 

Total Purchase


Average Bitcoin purchase price: $76,047 x Total number of Bitcoins: 713,502


= 54,259,686,594 dollars 54 trillion dollars.


The company has spent USD 54 trillion dollars on Strategy alone. By continuing to purchase at high prices, prices have fallen, unrealized losses have grown, and this is putting pressure on the company's operations. Other treasury companies are in the same situation and no longer have the capacity to purchase Bitcoin. If they sell, the value will fall, so they are in a hopeless situation. 


Will any new companies be willing to enter the market and take on such risks?


Even if a new entrant does, they will likely start selling once the price rises above the average purchase cost. As things stand, there is a high possibility that a chain of bankruptcies will occur first, so wouldn't it be better to refrain from purchasing for at least a year?


The four largest companies with the largest total Bitcoin holdings and the average cost of purchasing one Bitcoin

Company/Office

Average Cost / BTC

total 

bit

Number of coins

About debt

Unrealized loss

(Paper losses)

USD

Stock price

Strategy

$76,047

713,502

$8.2 billion

6.4 billion

US$126.14

Twenty one Capital

$87,280

43,514

none

882 million

US$6.05

Metaplanet

$107,716

35,102

$280 million

1.4 billion

358 yen

Bitcoin Standard Treasury Company

$76,056

30,021

$1.5 billion

271 million

Not applicable


Nakamoto Inc., shown in the table below, has received a notice of delisting from Nasdaq. If it does not improve by June 2026, it will be delisted. Other small treasury companies have also received notice of delisting.


Company/Office

Average Cost / BTC

total 

bitcoin

Number 

About debt

Unrealized loss

(Paper losses)

USD

Stock price

Nakamoto Inc

$118,204

5,398

$203.54 million

227 million

0.27 USD


Below are some mining companies that still have a lot of coins and debt.

Company / Firm

totalBitcoin

debt

Stock Price

Mining

MARA Holdings, Inc.

53,250

$2.65 Billion

7.56 USD

Hut 8 Mining Corp

13,696

$390 million

53.22 USD

CleanSpark, Inc.

13,099

$1.8 billion

9.62 USD

Cango Inc

3,645

Sold 4,451 Bitcoin to pay off debt

0.88 USD

American Bitcoin Corp

5,843

Total Debt $0.0

1.15 USD


Public Bitcoin Treasury Company average Bitcoin purchase amount (per BTC) Current Bitcoin price: $67,000 February 12, 2026


Unrealized loss (Paper loss) = Average purchase cost per Bitcoin - Current Bitcoin price (USD 67,000) x Total Bitcoin

Company/Office

Average Cost / BTC

Bitcoin Total

debt

Unrealized loss


Stock price

market



Strategy



$76,047

713,502

$8.2 billion

6.4 billion

US$126.14

Nasdaq

🇺🇸

Twentyone Capital

$87,280

43,514

none

882 million

US$6.05

NYSE 

🇺🇸

Metaplanet Co., Ltd.

$107,716

35,102

$280 million

1.4 billion

358 yen

TYO

🇯🇵

Bitcoin Standard Treasury Company

$76,056

30,021

$1.5 billion

271 million

Not applicable

Not applicable

🇺🇸

Bullish

$76,000

24,300

$3.3 billion

218 million

US$31.88

NYSE 

🇺🇸

Riot Platforms, Inc.

$99,669

18,005

$839.7 million

588 million

US$14.80

Nasdaq

🇺🇸

Coinbase Global Inc.

$71,465

14,548

$7.78 billion

64.9 million

US$153.2

Nasdaq

🇺🇸

Strive

$105,850

13,132

$120 million

510 million

US$8.09

Nasdaq

🇺🇸

Trump Media & Technology Group, Inc.

$118,529

11,542

$953.56 million

594 million

US$11.06

Nasdaq

🇺🇸

Tesla Inc.

$33,539

11,509

$14.71 billion


US$428.60

Nasdaq

🇺🇸

Block, Inc.

$32,141

8,780

$7.79 billion


US$53.81

NYSE 

🇺🇸

GD Culture Group

$116,720

7,500

$1.28 million


US$3.51

Nasdaq

🇺🇸

Galaxy Digital Holdings Inc.

$113,457

6,894

$4.5 billion


US$20.40

Nasdaq

🇺🇸

Next Technology Holdings Co., Ltd.

$31,386

5,833

$2 million


$2.96

Nasdaq

🇨🇳

Nakamoto Inc

$118,204

5,398

$203.54 million

227 million

0.27 USD

Nasdaq

🇺🇸

ProCap Financial

$103,785

5,000

$235 million

183.9 million

2.57 USD

Nasdaq

🇺🇸

GameStop

$107,900

4,710

$4.42 billion


US$24.21

Nasdaq

🇺🇸

Boyare Interactive International Limited

$68,198

4,091

HK$13.98 million


2.85 Hong Kong dollars

HKSE

🇭🇰

Empire Digital

$117,607

3,723

$49.9 million


US$3.68

Nasdaq

🇺🇸

Gemini Space Station Inc

$106,478

4,002

$1.04 billion


US$6.68

Nasdaq

🇺🇸

Mining

Mara Holdings Co., Ltd.

Mining

53,250

$2.65 billion

US$7.56

Nasdaq

🇺🇸

Hut 8 Mining Company

Mining

13,696

$390 million


US$53.22

Nasdaq

🇺🇸

Clean Spark Co., Ltd.

Mining

13,099

$1.8 billion

US$9.62

Nasdaq

🇺🇸

Cango Inc

Mining

3,645

Sold 4,451 Bitcoin to pay off debt

US$0.88

NYSE 

🇺🇸

American Bitcoin Corporation

Mining

5,843

Total Debt $0.0

1.15 USD

Nasdaq

🇺🇸