Bitcoin Treasuries Return to Profit Above $80K Cost Basis Yet Accumulation Stalls

HIGHLIGHTS Bitcoin treasury companies now sit in unrealized profit, with BTC closing above their ~$80,000 aggregate cost basis every day since September 18, 2026. Despite the recovery, accumulation has stayed muted, Strategy prioritized a $3B STRC buyback cap, while Metaplanet launched a $122.4M stock buyback over fresh BTC buys. MSCI’s revised index rules, with a final list due November 11, threaten Strategy and Metaplanet’s removal, pressuring their ability to raise equity for BTC purchases. Bitcoin treasury companies are back in the black.