top 5 by btc held, may 13. spot $81,206.

mstr leads at 528,185 btc, value $42.89b, avg cost $67,485, unrealized +20%. mara second with 47,600 btc, cost $49k, up 66%. riot third, 16,728 btc, cost $38k, up 114%. clsk fourth, 12,100 btc, cost $51k, up 59%. tsla fifth, 11,509 btc, cost $31,620, up 157%.

aggregate across tracked cos: 657,087 btc, $53.36b at spot. best unrealized pnl is hut at +206%. worst is smlr at -8%.

falsifiable line: the biggest miner, mara, would go underwater on its average cost if btc drops below $49,000. at that price, their treasury position turns negative, potentially forcing sales to cover operating costs or debt.

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— research and educational content. not investment, legal, or tax advice. do your own research. positions and views may change without notice.

Originally published on FalsifyLab Substack.