Bitcoin treasury companies are grappling with significant unrealized losses as Bitcoin's price hovers around $89,000, marking a 25% decline from its October peak. Metaplanet, a major player in the sector, has seen its position shift from over $600 million in unrealized profits in early October to approximately $530 million in losses by December 1. Other firms, such as Nakamoto and Semler Scientific, are also experiencing substantial losses, with Nakamoto's unrealized losses surpassing $180 million. The downturn has also affected equity premiums, with Strategy now trading at a 15.5% discount to its Bitcoin net asset value. This situation highlights the mounting pressure on the Bitcoin treasury model, once considered a promising corporate finance strategy, as investor confidence diminishes.