Every public company holding bitcoin or ether at a verified cost basis, ranked by how far below water the position sits. Today: 49 of 79 BTC treasuries and 10 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 | Digital Commodities Capital | 13 | $1.7M | $1.1M | -34.6% | |
| 2 | Bitcoin Treasury Capital | BTC-B.SE | 167 | $20.5M | $14.1M | -30.9% |
| 3 | Trump Media & Technology Group Corp. | DJT.US | 9,542 | $1.13B | $806.9M | -28.7% |
| 4 | Hamak Strategy | HAMA.L | 20 | $2.4M | $1.7M | -28.2% |
| 5 | Locate Technologies | LOC.NZ | 12 | $1.4M | $1.0M | -28.1% |
| 6 | K33 AB | K33.ST | 141 | $16.5M | $11.9M | -27.9% |
| 7 | The Smarter Web Company PLC | SWC.L | 2,747 | $321.1M | $232.3M | -27.7% |
| 8 | ZOOZ | ZOOZ.TA | 1,036 | $120.4M | $87.6M | -27.2% |
| 9 | Fragbite Group | FRAG.ST | 29 | $3.4M | $2.4M | -27.2% |
| 10 | Blue Star Capital | BLU.L | 9 | $1.1M | $784K | -27.1% |
| 11 | LiveOne | LVO.US | 43 | $5.0M | $3.6M | -27.0% |
| 12 | BitStrat Holdings | 6113.HK | 43 | $5.0M | $3.7M | -26.4% |
| 13 | S-Science Company | 5721.T | 296 | $34.0M | $25.1M | -26.3% |
| 14 | Planet Ventures | 29 | $3.3M | $2.4M | -26.0% | |
| 15 | Robin Energy | RBNE.US | 44 | $5.0M | $3.7M | -25.7% |
| 16 | Bitcoin Well | BTCW.V | 69 | $7.8M | $5.8M | -25.2% |
| 17 | RSXYZ PCL | XYZ.BK | 75 | $8.4M | $6.3M | -24.9% |
| 18 | GD Culture Group | GDC.US | 7,500 | $841.5M | $634.2M | -24.6% |
| 19 | BTCS S.A. | BTF.WA | 138 | $15.4M | $11.6M | -24.6% |
| 20 | B HODL | HODL.AQ | 158 | $17.7M | $13.4M | -24.4% |
| 21 | CDT Equity | CDT.US | 18 | $2.0M | $1.5M | -24.4% |
| 22 | POP Culture Group Co. Ltd. | CPOP.US | 300 | $33.0M | $25.4M | -23.1% |
| 23 | Merchant Bankers Co (MBK) | 3121.T | 18 | $1.9M | $1.5M | -23.0% |
| 24 | Kitabo | 3409.T | 12 | $1.2M | $976K | -21.3% |
| 25 | Goobit Group | BTCX.ST | 12 | $1.3M | $985K | -21.2% |
| 26 | Prenetics | PRE.US | 510 | $54.4M | $43.1M | -20.7% |
| 27 | Bitplanet Co | 049470.KQ | 300 | $31.6M | $25.4M | -19.8% |
| 28 | Coinsilium | COIN.AQ | 182 | $19.1M | $15.4M | -19.6% |
| 29 | Belgravia Hartford Capital | BLGV.CN | 83 | $8.7M | $7.0M | -19.4% |
| 30 | Méliuz | CASH3.SA | 605 | $62.5M | $51.1M | -18.2% |
| 31 | OranjeBTC | OBTC3.SA | 3,950 | $407.7M | $334.0M | -18.1% |
| 32 | London Bitcoin Company (formerly Vinanz) | BTC.L | 86 | $8.9M | $7.3M | -18.0% |
| 33 | Bitmax Co | 377030.KQ | 551 | $56.8M | $46.6M | -17.9% |
| 34 | Value Creation | 9238.T | 15 | $1.6M | $1.3M | -17.5% |
| 35 | Capital B | ALCPB.PA | 3,525 | $359.2M | $298.1M | -17.0% |
| 36 | Vanadi Coffee, SA | VANA.MC | 213 | $21.2M | $18.0M | -15.1% |
| 37 | Falconedge | EDGE.AQ | 20 | $2.0M | $1.7M | -13.8% |
| 38 | Remixpoint | 3825.T | 1,501 | $147.3M | $126.9M | -13.8% |
| 39 | Anap Holdings | 3189.T | 1,432 | $134.7M | $121.1M | -10.1% |
| 40 | WEMADE | 112040.KQ | 223 | $21.0M | $18.9M | -10.0% |
| 41 | Virtu Financial | VIRT.US | 410 | $38.2M | $34.7M | -9.2% |
| 42 | Strive | ASST.US | 27,461 | $2.48B | $2.32B | -6.5% |
| 43 | Ming Shing Group | MSW.US | 833 | $74.3M | $70.4M | -5.3% |
| 44 | Galaxy Digital Holdings Ltd | GLXY.US | 25,723 | $2.28B | $2.18B | -4.7% |
| 45 | Metaplanet | 3350.T | 43,000 | $3.81B | $3.64B | -4.6% |
| 46 | Moon Inc | 1723.HK | 29 | $2.6M | $2.5M | -3.7% |
| 47 | iPower | IPW.US | 15 | $1.3M | $1.3M | -3.7% |
| 48 | AtaiBeckley Inc (formerly ATAI Life Sciences N.V.) | ATAI.US | 58 | $5.0M | $4.9M | -1.9% |
| 49 | Gumi Inc | 3903.T | 80 | $6.9M | $6.8M | -1.4% |
| 50 | Microcloud Hologram | HOLO.US | 2,353 | $197.7M | $199.0M | +0.7% |
| 51 | Datacentrex (formerly Thumzup Media) | DTCX.US | 46 | $3.9M | $3.9M | +0.7% |
| 52 | YUXING | 8005.HK | 78 | $6.3M | $6.6M | +4.4% |
| 53 | DDC Enterprise Limited | DDC.US | 2,899 | $226.7M | $245.1M | +8.1% |
| 54 | LQWD Technologies Corp. | LQWD.V | 267 | $20.7M | $22.6M | +9.3% |
| 55 | H100 Group | GS9.F | 1,051 | $81.1M | $88.9M | +9.6% |
| 56 | Strategy | MSTR.US | 847,665 | $64.49B | $71.68B | +11.2% |
| 57 | Vaultz Capital | V3TC.AQ | 135 | $10.1M | $11.4M | +12.6% |
| 58 | Coinbase Global | COIN.US | 16,492 | $1.16B | $1.39B | +20.6% |
| 59 | Boyaa Interactive International Limited | 434.HK | 4,091 | $278.7M | $345.9M | +24.1% |
| 60 | AI Fusion Capital Group | 254A.T | 38 | $2.6M | $3.2M | +24.1% |
| 61 | Stack BTC | KASH.AQ | 68 | $4.6M | $5.8M | +24.4% |
| 62 | XCE Connecting Excellence Group | XCE.AQ | 63 | $4.3M | $5.3M | +24.4% |
| 63 | BitGo Holdings | BTGO.US | 3,854 | $257.4M | $325.9M | +26.6% |
| 64 | Figma | FIG.US | 843 | $55.0M | $71.3M | +29.5% |
| 65 | Angel Studios Inc | ANGX.US | 303 | $18.8M | $25.6M | +36.2% |
| 66 | NEXON Co., Ltd. | 3659.T | 1,717 | $100.0M | $145.2M | +45.2% |
| 67 | Neowiz holdings | 042420.KQ | 123 | $7.1M | $10.4M | +46.7% |
| 68 | Aker ASA | AKER.OL | 754 | $40.7M | $63.8M | +56.8% |
| 69 | Gemini Space Station | GEMI.US | 4,827 | $235.2M | $408.2M | +73.6% |
| 70 | Consensus Mining & Seigniorage | CMSG | 346 | $16.8M | $29.3M | +73.8% |
| 71 | Alliance Resource Partners, L.P. | ARLP.US | 541 | $24.5M | $45.8M | +86.9% |
| 72 | MercadoLibre | MELI.BA | 570 | $22.0M | $48.2M | +119.2% |
| 73 | Space Exploration Technologies Corp. | SPCX | 18,712 | $661.0M | $1.58B | +139.4% |
| 74 | Tesla | TSLA.US | 11,509 | $386.0M | $973.2M | +152.1% |
| 75 | Next Technology Holding | NXTT.US | 5,833 | $183.1M | $493.2M | +169.4% |
| 76 | Circle Internet Group | CRCL.US | 74 | $2.2M | $6.3M | +180.9% |
| 77 | Linekong Interactive Group Co., Ltd | 8267.HK | 44 | $1.2M | $3.7M | +201.4% |
| 78 | FRMO Corp. | FRMO.US | 159 | $4.0M | $13.5M | +236.6% |
| 79 | Horizon Kinetics Holding Corp | HKHC.US | 131 | $1.7M | $11.1M | +550.8% |
| # | Company | Symbol | Holdings (ETH) | Cost basis | Worth now | vs water |
|---|---|---|---|---|---|---|
| 1 | Def Consulting | 4833.T | 4,571 | $20.6M | $12.3M | -40.5% |
| 2 | Cosmos Health | COSM.US | 475 | $2.0M | $1.3M | -36.4% |
| 3 | FG Nexus | FGNX.US | 40,093 | $157.7M | $107.5M | -31.9% |
| 4 | Quantum Solutions | 2338.T | 5,765 | $21.3M | $15.5M | -27.4% |
| 5 | Gemini Space Station | GEMI.US | 2,741 | $9.6M | $7.3M | -23.4% |
| 6 | BTCS | BTCS.US | 70,787 | $215.2M | $189.8M | -11.8% |
| 7 | GameSquare Holdings | GAME.US | 1,343 | $4.0M | $3.6M | -9.6% |
| 8 | Galaxy Digital Holdings Ltd | GLXY.US | 61,137 | $180.9M | $163.9M | -9.4% |
| 9 | Bit Digital | BTBT.US | 158,462 | $450.3M | $424.8M | -5.7% |
| 10 | BTC Digital | BTCT.US | 2,135 | $6.0M | $5.7M | -4.6% |
| 11 | TORICO Co.,Ltd. | 7138.T | 2,773 | $7.3M | $7.4M | +2.3% |
| 12 | Circle Internet Group | CRCL.US | 1,744 | $4.5M | $4.7M | +3.4% |
| 13 | Coinbase Global | COIN.US | 150,193 | $357.1M | $402.6M | +12.7% |
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 (94 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 October 3, 2026. Not investment advice.
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