Bitcoin treasury firms are experiencing significant paper losses as Bitcoin's price falls to $78,500. Companies like Metaplanet and Trump Media, which acquired Bitcoin at higher average costs, are facing substantial unrealized losses. Metaplanet holds 35,102 BTC at an average cost of $107,716, resulting in a $1.03 billion paper loss, while Trump Media's 11,542 BTC at $118,529 per coin leads to a $462 million loss. Conversely, early adopters such as Tesla and Coinbase, with lower average costs of $33,539 and $71,465 respectively, remain in the green despite the downturn. Tesla holds 11,509 BTC, showing a $517 million gain, and Coinbase's 14,548 BTC results in a $102 million gain. The situation underscores the volatility inherent in Bitcoin treasury strategies, where the ability to maintain funding and withstand market fluctuations is crucial for long-term success.