Glassnode: ~80% of Bitcoin Treasury Companies Are Underwater

This is less a verdict on Bitcoin than on the corporate treasury playbook that proliferated during the run-up. The 80% figure suggests many of these balance sheets were built at prices that no longer hold, which turns a passive reserve strategy into an active governance and accounting question. The pressure is most acute for smaller, thinly capitalized names where the position is large relative to the business. The open question is whether this cohort holds through the drawdown or begins disclosing impairments and sales, which would be the first real test of the corporate treasury thesis.