Every public company holding bitcoin or ether at a verified cost basis, ranked by how far below water the position sits. Today: 65 of 79 BTC treasuries and 13 of 13 ETH treasuries are worth less than they paid. The desk's treasury data, sorted by pain.
| # | Company | Symbol | Holdings (BTC) | Cost basis | Worth now | vs water |
|---|---|---|---|---|---|---|
| 1 | KULR Technology Group | KULR.US | 724 | $128.3M | $46.5M | -63.7% |
| 2 | Digital Commodities Capital | 13 | $1.7M | $841K | -50.2% | |
| 3 | Bitcoin Treasury Capital | BTC-B.SE | 167 | $20.5M | $10.8M | -47.4% |
| 4 | Trump Media & Technology Group Corp. | DJT.US | 9,542 | $1.13B | $613.7M | -45.7% |
| 5 | Hamak Strategy | HAMA.L | 20 | $2.4M | $1.3M | -45.4% |
| 6 | The Smarter Web Company PLC | SWC.L | 2,700 | $317.6M | $173.6M | -45.3% |
| 7 | Locate Technologies | LOC.NZ | 12 | $1.4M | $791K | -45.3% |
| 8 | K33 AB | K33.ST | 141 | $16.5M | $9.1M | -45.1% |
| 9 | ZOOZ | ZOOZ.TA | 1,036 | $120.4M | $66.6M | -44.7% |
| 10 | Fragbite Group | FRAG.ST | 29 | $3.4M | $1.9M | -44.6% |
| 11 | Blue Star Capital | BLU.L | 9 | $1.1M | $596K | -44.6% |
| 12 | LiveOne | LVO.US | 43 | $5.0M | $2.8M | -44.5% |
| 13 | BitStrat Holdings | 6113.HK | 43 | $5.0M | $2.8M | -44.1% |
| 14 | S-Science Company | 5721.T | 296 | $34.0M | $19.1M | -44.0% |
| 15 | Planet Ventures | 29 | $3.3M | $1.9M | -43.7% | |
| 16 | Robin Energy | RBNE.US | 44 | $5.0M | $2.8M | -43.5% |
| 17 | Satsuma Technology | SATS.L | 668 | $75.7M | $43.0M | -43.2% |
| 18 | Bitcoin Well | BTCW.V | 69 | $7.8M | $4.4M | -43.1% |
| 19 | RSXYZ PCL | XYZ.BK | 75 | $8.4M | $4.8M | -42.9% |
| 20 | GD Culture Group | GDC.US | 7,500 | $841.5M | $482.3M | -42.7% |
| 21 | BTCS S.A. | BTF.WA | 138 | $15.4M | $8.9M | -42.6% |
| 22 | B HODL | HODL.AQ | 158 | $17.7M | $10.2M | -42.5% |
| 23 | CDT Equity | CDT.US | 18 | $2.0M | $1.2M | -42.5% |
| 24 | POP Culture Group Co. Ltd. | CPOP.US | 300 | $33.0M | $19.3M | -41.5% |
| 25 | Merchant Bankers Co (MBK) | 3121.T | 18 | $1.9M | $1.1M | -41.4% |
| 26 | Kitabo | 3409.T | 12 | $1.2M | $742K | -40.1% |
| 27 | Goobit Group | BTCX.ST | 12 | $1.3M | $749K | -40.1% |
| 28 | Prenetics | PRE.US | 510 | $54.4M | $32.8M | -39.7% |
| 29 | Bitplanet Co | 049470.KQ | 300 | $31.6M | $19.3M | -39.0% |
| 30 | Coinsilium | COIN.AQ | 182 | $19.1M | $11.7M | -38.9% |
| 31 | Belgravia Hartford Capital | BLGV.CN | 83 | $8.7M | $5.3M | -38.7% |
| 32 | Capital B | ALCPB.PA | 3,145 | $329.7M | $202.3M | -38.7% |
| 33 | OranjeBTC | OBTC3.SA | 3,918 | $405.6M | $252.0M | -37.9% |
| 34 | Méliuz | CASH3.SA | 605 | $62.5M | $38.9M | -37.8% |
| 35 | London Bitcoin Company (formerly Vinanz) | BTC.L | 86 | $8.9M | $5.5M | -37.6% |
| 36 | Bitmax Co | 377030.KQ | 551 | $56.8M | $35.4M | -37.6% |
| 37 | Value Creation | 9238.T | 15 | $1.6M | $975K | -37.3% |
| 38 | Vanadi Coffee, SA | VANA.MC | 213 | $21.2M | $13.7M | -35.4% |
| 39 | Remixpoint | 3825.T | 1,491 | $147.3M | $95.9M | -34.9% |
| 40 | Falconedge | EDGE.AQ | 20 | $2.0M | $1.3M | -34.5% |
| 41 | Anap Holdings | 3189.T | 1,432 | $134.7M | $92.1M | -31.7% |
| 42 | WEMADE | 112040.KQ | 223 | $21.0M | $14.3M | -31.6% |
| 43 | Virtu Financial | VIRT.US | 410 | $38.2M | $26.4M | -31.0% |
| 44 | Ming Shing Group | MSW.US | 833 | $74.3M | $53.6M | -27.9% |
| 45 | Galaxy Digital Holdings Ltd | GLXY.US | 25,723 | $2.28B | $1.65B | -27.5% |
| 46 | Metaplanet | 3350.T | 43,000 | $3.81B | $2.77B | -27.4% |
| 47 | Moon Inc | 1723.HK | 29 | $2.6M | $1.9M | -26.7% |
| 48 | iPower | IPW.US | 15 | $1.3M | $971K | -26.7% |
| 49 | AtaiBeckley Inc (formerly ATAI Life Sciences N.V.) | ATAI.US | 58 | $5.0M | $3.7M | -25.4% |
| 50 | Gumi Inc | 3903.T | 80 | $6.9M | $5.2M | -25.0% |
| 51 | Microcloud Hologram | HOLO.US | 2,353 | $197.7M | $151.3M | -23.4% |
| 52 | Datacentrex (formerly Thumzup Media) | DTCX.US | 46 | $3.9M | $3.0M | -23.4% |
| 53 | YUXING | 8005.HK | 78 | $6.3M | $5.0M | -20.6% |
| 54 | DDC Enterprise Limited | DDC.US | 2,899 | $226.7M | $186.4M | -17.8% |
| 55 | LQWD Technologies Corp. | LQWD.V | 267 | $20.7M | $17.2M | -16.9% |
| 56 | H100 Group | GS9.F | 1,051 | $81.1M | $67.6M | -16.6% |
| 57 | Strategy | MSTR.US | 840,447 | $63.90B | $54.05B | -15.4% |
| 58 | Vaultz Capital | V3TC.AQ | 135 | $10.1M | $8.7M | -14.3% |
| 59 | Coinbase Global | COIN.US | 16,492 | $1.16B | $1.06B | -8.3% |
| 60 | Boyaa Interactive International Limited | 434.HK | 4,091 | $278.7M | $263.1M | -5.6% |
| 61 | AI Fusion Capital Group | 254A.T | 38 | $2.6M | $2.4M | -5.6% |
| 62 | Stack BTC | KASH.AQ | 68 | $4.6M | $4.4M | -5.4% |
| 63 | XCE Connecting Excellence Group | XCE.AQ | 63 | $4.3M | $4.0M | -5.4% |
| 64 | BitGo Holdings | BTGO.US | 3,854 | $257.4M | $247.9M | -3.7% |
| 65 | Figma | FIG.US | 843 | $55.0M | $54.2M | -1.5% |
| 66 | Angel Studios Inc | ANGX.US | 303 | $18.8M | $19.5M | +3.6% |
| 67 | NEXON Co., Ltd. | 3659.T | 1,717 | $100.0M | $110.4M | +10.5% |
| 68 | Neowiz holdings | 042420.KQ | 123 | $7.1M | $7.9M | +11.6% |
| 69 | Aker ASA | AKER.OL | 754 | $40.7M | $48.5M | +19.3% |
| 70 | Gemini Space Station | GEMI.US | 4,827 | $235.2M | $310.4M | +32.0% |
| 71 | Consensus Mining & Seigniorage | CMSG | 346 | $16.8M | $22.3M | +32.1% |
| 72 | Alliance Resource Partners, L.P. | ARLP.US | 541 | $24.5M | $34.8M | +42.1% |
| 73 | MercadoLibre | MELI.BA | 570 | $22.0M | $36.7M | +66.7% |
| 74 | Space Exploration Technologies Corp. | SPCX | 18,712 | $661.0M | $1.20B | +82.1% |
| 75 | Tesla | TSLA.US | 11,509 | $386.0M | $740.2M | +91.7% |
| 76 | Next Technology Holding | NXTT.US | 5,833 | $183.1M | $375.1M | +104.9% |
| 77 | Circle Internet Group | CRCL.US | 74 | $2.2M | $4.8M | +113.6% |
| 78 | FRMO Corp. | FRMO.US | 159 | $4.0M | $10.2M | +156.0% |
| 79 | Horizon Kinetics Holding Corp | HKHC.US | 131 | $1.7M | $8.4M | +395.0% |
| # | Company | Symbol | Holdings (ETH) | Cost basis | Worth now | vs water |
|---|---|---|---|---|---|---|
| 1 | Def Consulting | 4833.T | 4,571 | $20.6M | $8.8M | -57.4% |
| 2 | Cosmos Health | COSM.US | 475 | $2.0M | $911K | -54.5% |
| 3 | FG Nexus | FGNX.US | 40,093 | $157.7M | $76.9M | -51.2% |
| 4 | Quantum Solutions | 2338.T | 5,765 | $21.3M | $11.1M | -48.1% |
| 5 | Gemini Space Station | GEMI.US | 2,741 | $9.6M | $5.3M | -45.2% |
| 6 | BTCS | BTCS.US | 70,787 | $215.2M | $135.8M | -36.9% |
| 7 | GameSquare Holdings | GAME.US | 1,343 | $4.0M | $2.6M | -35.4% |
| 8 | Galaxy Digital Holdings Ltd | GLXY.US | 61,137 | $180.9M | $117.3M | -35.2% |
| 9 | Bit Digital | BTBT.US | 158,462 | $450.3M | $303.9M | -32.5% |
| 10 | BTC Digital | BTCT.US | 2,135 | $6.0M | $4.1M | -31.7% |
| 11 | TORICO Co.,Ltd. | 7138.T | 2,773 | $7.3M | $5.3M | -26.8% |
| 12 | Circle Internet Group | CRCL.US | 1,744 | $4.5M | $3.3M | -26.0% |
| 13 | Coinbase Global | COIN.US | 150,193 | $357.1M | $288.1M | -19.3% |
Method. Source: CoinGecko's public-treasury registry. A company counts as underwater when the current market value of its coins is below what it reports having paid for them. Only companies reporting a real, plausible entry value are on the board (96 BTC rows and 18 ETH rows were excluded on this pull for zero or implausible cost data; a zero entry value is missing data, not a free purchase). Percentages compare current value to cost basis, not to any share price. Refreshed daily; as of August 19, 2026. Not investment advice.
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