Bitcoin Treasury companies are on edge. With Bitcoin [BTC] trading significantly below most of these companies’ average purchase price, some have been forced to walk away with losses.
Trump Media offloads 2628 BTC for $165 million
Trump Media and Technology Corp raised funds by selling company stocks and convertible bonds. In doing so, they purchased 11,542 BTC worth $1.368 billion at an average price of $118,529.
As Bitcoin rallied through October 2025, the total value of these holdings rose to $1.456 billion, marking $88 million in profit. Since then, Bitcoin has continued to decline, leaving the initial investment at a loss.
With losses mounting, Trump Media has continued to reduce its Bitcoin exposure, incurring losses in the process. According to Lookonchain, Trump Media sold another 2,628 BTC worth $165.07 million.
In this sale, they incurred $145 million in losses. In 2026 so far, they’ve already sold 7,281 BTC worth $545 million at an average price of about $74,860.
The yearly sales have locked in $318 million in losses. In total, the firm is currently sitting on losses of up to $555 million on BTC.
As Trump Media’s bet on Bitcoin crumbles, the company’s stock value has been hit hard. Although the shift into Bitcoin in 2025 did not spark a stock rally, the crypto’s continued decline has affected investor confidence.
In fact, the Trump Media & Technology Group stock is already down 25% the past year and 25% YTD. This drop indicates the interconnection between the two.
Institutional investors are bearish amid rising losses
Trump Media Technology is not an isolated case, as many institutional investors flipped bearish and turned to selling.
For instance, AMBCrypto reported earlier that KULR Technology is on the verge of selling all its Bitcoin holdings. KULR Tech has sold 921 BTC, now holding only 100 BTC.
These companies that entered the market during the 2024 bull run have seen their BTC value drop by over $49 billion from their 2025 highs.
As a result, most of them have been aggressively selling in 2026. Looking at the Bitcoin’s Coinbase Premium Index, this metric has remained negative since May.
In 2026, the Coinbase Premium Index has recorded a positive value for only 35 days. This suggests that Bitcoin has faced pressure from institutions for over five months.
Given the presence of large market players, Bitcoin has little chance of a price rebound. Since February 2024, institutions have significantly influenced market direction.
Therefore, if the current sentiment persists, the bearish market structure in Bitcoin will continue. A flip in institutional behavior holds the key to any market recovery.
Final Summary
- Trump Media Technology offloaded 2,628 BTC worth $165.07 million, extending realized losses to $318 million.
- Bitcoin seems positioned for an extended market structure.