The average purchase price for listed companies holding large amounts of bitcoin (BTC) has risen above $78,000, an analysis showed. With bitcoin recently falling into the $60,000 range, those companies have entered an unrealised loss zone of about 12 percent on average, it said.

Coinpost, a blockchain outlet, reported on June 3 that Steven Perri, a researcher at The Block, analysed the bitcoin-holding group of listed companies and found their weighted average acquisition cost rose to $78,777. Based on current bitcoin prices, they are in an unrealised loss of at least about 12 percent, he said.

The analysis has drawn attention after Strategy, the largest bitcoin-holding company, recently disclosed a sale. Strategy said in an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC) that it sold a total of 32 bitcoin from May 26 to 31. The amount is less than 0.004 percent of its total holdings, but the market is treating it as a transaction with symbolic meaning.

Strategy currently holds about 843,706 bitcoin and its average purchase price is $75,699. Its total acquisition cost is about $63.9 billion. The company said it raised about $2.5 million through the sale and used the funds to pay dividends on its STRC preferred shares.

The issue is the signal sent to the market rather than the size of the sale. Founder and chairman Michael Saylor (마이클 세일러) has repeatedly said he would effectively hold bitcoin permanently. Some investors are interpreting the sale as a move that differs from the existing strategy.

Market reaction was also sensitive. Strategy shares ended June 2 down 13.7 percent at $136 a share. The company last sold bitcoin in December 2022, when it repurchased a larger amount soon after a sale intended to realise tax losses.

In the industry, an aggressive buying strategy over the past 2 years is cited as a reason the average purchase price at bitcoin-holding companies has risen.

Perri said that until November 2024, the average acquisition cost of major listed firms holding bitcoin was about $35,000 to $40,000. But as Strategy increased its holdings to 574,000 bitcoin from about 335,000, the average purchase price rose to about $62,000. Further purchases then pushed it up to the current level.

As a result, if bitcoin prices weaken, the financial burden on companies is also growing. In Strategy's case, unrealised losses are estimated at about $7.57 billion at current bitcoin prices. The loss rate is about 11.9 percent.

The company’s cash and cash equivalents fell about 60 percent over the past 4 months to about $900 million, while its preferred dividend burden is estimated to have increased to about $1.65 billion a year. Based on its current cash holdings, dividends could be paid for about 7 months, the analysis found.

The market is also watching the possibility that this financial burden could lead to further selling pressure. Perri said that if smaller listed companies holding bitcoin move to sell to avoid remaining in unrealised loss positions for a long period, selling pressure across the market could increase.

Saylor, however, stressed in a recent interview that some selling does not represent a change in long-term strategy. He argued that bitcoin must be shown to be an asset that can actually be sold for its value to be recognised in credit rating processes. He also said that even if a portion of monthly holdings is sold, much more could be bought back, and Strategy would remain a net buyer of bitcoin.

The industry expects that not only bitcoin price moves but also further buying and selling strategies by major holders including Strategy will be an important variable for market sentiment. With the average purchase price higher, bitcoin price swings are expected to have a bigger impact on corporate performance and investor confidence.