Strategy and Bitmine Face Over $12B in Combined Unrealized Bitcoin and Ethereum Losses

Michael Saylor’s Strategy and Tom Lee-led Bitmine are now sitting on billions of dollars in unrealized losses from their Bitcoin and Ethereum holdings.

This outcome follows the ongoing market downturn amid global market weakness and policy uncertainty. Heavy selling in tech stocks across Asia and the U.S. intensified the pullback, dragging Bitcoin to its lowest level since November 2024.

Consequently, the downturn rippled across the crypto market, hitting the balance sheets of major crypto treasury firms such as Strategy and Bitmine.

Key Points

• Strategy and Bitmine are currently facing billions of dollars in unrealized losses on their Bitcoin and Ethereum holdings.
• The recent crypto downturn stems from heavy selling in tech stocks across Asia and the U.S., which spilled into crypto markets.
• Strategy, which holds 713,502 BTC, now faces an unrealized loss of roughly $4.89 billion.
• Bitmine, holding 4.28 million ETH, has a paper loss of about $7.7 billion.

Strategy and Bitmine Face $12B Unrealized Bitcoin and Ethereum Losses

Earlier today, Bitcoin fell below $70,000 for the first time since November 2024, while Ethereum dropped below $2,100. This sell-off deepened the unrealized losses at both Strategy and Bitmine.

Notably, Strategy, the largest corporate holder of Bitcoin, began accumulating BTC in August 2020 and now holds about 713,502 BTC at a total cost of $54.26 billion. On the other hand, Bitmine, the world’s largest corporate holder of Ethereum, holds roughly 4.28 million ETH acquired for about $16.5 billion.

With Bitcoin trading near $69,200 at press time, Strategy’s holdings stand at $49.37 billion, resulting in an unrealized loss of $4.89 billion. Similarly, Bitmine’s Ethereum position is worth about $8.79 billion at ETH’s current price of $2,050, translating to an unrealized loss of $7.71 billion.

What This Means

Large crypto treasury positions significantly amplify price exposure. They generate outsized gains during bull markets and also trigger sharp drawdowns during corrections.

However, these headline figures do not represent realized losses. Unrealized losses fluctuate with market prices and only become permanent if the assets are sold at lower levels.

For now, both companies continue to hold their positions, seeing current prices as part of a market cycle rather than a lasting decline. Moreover, a meaningful recovery in Bitcoin and Ethereum could quickly reverse today’s paper losses into gains.

Both Companies Remain Committed

Despite sustained bearish pressure in recent weeks, crypto treasury firms such as Bitmine and Strategy have remained active buyers. Rather than retreating, both companies continue to expand their digital asset holdings during the downturn.

Bitmine recently completed an acquisition of 41,788 ETH earlier this week, while Strategy added 855 BTC on February 2, 2026. These moves suggest that neither firm is slowing its accumulation strategy.

In the meantime, Strategy has not disclosed a ceiling for its Bitcoin purchases. In contrast, Bitmine has outlined a clear objective to acquire 5% of Ethereum’s total supply. With its current holdings at approximately 3.55%, the company’s accumulation phase is set to continue.