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Bitmine and Strategy now hold the largest unrealized losses among digital asset treasury (DAT) companies, according to Artemis data released on February 28, 2026. Artemis’ “Unrealized P&L DATs” chart shows Bitmine at about -$8.4 billion and Strategy at about -$7.5 billion, which brings their combined unrealized loss to -$15.9 billion. The figures compare current market value with each company’s average acquisition cost.
Artemis ranks DAT firms from the deepest unrealized loss to the strongest unrealized gain over one year. In that ranking, Bitmine appears at the far loss end of the chart. Strategy follows next, with another multi-billion-dollar deficit.
The gap between these two firms and the rest of the field stands out clearly. Other companies appear in the same dataset, but none reach similar loss levels. This visual spread shows that the largest paper losses remain concentrated in a small number of treasury-heavy firms.
Names such as Twenty One Capital, Bitcoin Standard Treasury, Sharplink Gaming, and Metaplanet appear further along the chart. They also sit in negative territory in the visible snapshot. However, their unrealized losses remain much smaller than the totals recorded for Bitmine and Strategy.
Unrealized P&L measures the difference between what a company paid for its digital assets and what those assets are worth now. It does not measure realized loss from a sale. As a result, the current figures reflect valuation pressure rather than cash leaving the business.
This distinction matters for companies that use long-term treasury strategies. A firm can maintain its holdings and still report a large mark-to-market drawdown. In that case, the reported deficit remains on the books unless management sells part of the position.
Even so, paper losses can affect market behavior. Investors track these figures because they influence balance sheet strength, risk perception, and valuation models. If prices remain weak for an extended period, pressure can increase on financing terms and capital planning.
The Artemis chart points to a wider pattern across the DAT segment. Most listed companies in the visible snapshot remain below their average cost basis. That suggests many firms accumulated assets at higher market levels and now sit underwater on a mark-to-market basis.
This pattern reflects the effect of price declines after buying periods in 2024 and 2025. Companies that expanded treasury positions during stronger market conditions now face lower carrying values at current prices. The result is a broad cluster of negative unrealized P&L across the sector.
Also Read: Bitcoin in 2026: Game-Changer or Risky Bet for Late Investors?
