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Bitcoin’s crash has placed some of the largest corporate crypto treasuries deeply underwater. Strategy and BitMine now face an estimated $23.1 billion in combined unrealized losses.
Several other companies also hold costly positions in Ethereum, Bitcoin and Solana. However, the losses remain on paper and could change sharply as crypto prices move.
Strategy remains the largest corporate Bitcoin holder, with 843,706 BTC on its balance sheet. Its total investment stands near $63.9 billion, based on an average purchase price of $75,699 per coin.
Bitcoin briefly fell toward $59,000 on Friday, its lowest level in about 19 months. At that price, Strategy’s holdings were worth roughly $49.8 billion, leaving the company nearly $14 billion below its purchase cost. Lookonchain placed the loss closer to $12.8 billion as prices later recovered.
Strategy recently sold 32 BTC for about $2.5 million. The small sale reduced its holdings from 843,738 BTC but represented only a tiny share of its total position.
Executive Chairman Michael Saylor has long supported continued Bitcoin accumulation. Still, the latest sale raises doubts over whether Strategy will remain a strict long-term holder as preferred-share dividends and other financial duties increase.
BitMine faces the second-largest loss among major corporate crypto holders. Lookonchain estimates that its Ethereum position is down about $10.3 billion after ETH fell below the company’s average purchase level.
The company reported 5.42 million ETH in early June. Most of those holdings are staked, allowing BitMine to earn rewards while retaining exposure to Ethereum’s market price.
Chairman Tom Lee has repeatedly said that Ethereum may be near a bottom. He has also described a possible “crypto spring,” though the latest decline creates doubts around that recovery outlook.
Nevertheless, BitMine continues to increase its Ethereum position. It has also developed a validator network designed to expand staking operations and generate income from its large ETH treasury.
SharpLink holds another large Ethereum treasury and faces an estimated unrealized loss of $1.7 billion. Its losses have increased alongside Ether’s fall from the higher prices seen during its accumulation period.
Meanwhile, Japan-based Metaplanet is down more than $1.4 billion on its Bitcoin holdings. The company accumulated BTC as protection against currency weakness and wider economic uncertainty, although its purchases have slowed in recent months.
Forward Industries also carries an estimated $1.14 billion loss on its Solana holdings. SOL often records wider price moves than Bitcoin and Ethereum, increasing losses during broad market declines.
These estimates remain sensitive to daily market movements. None of the losses becomes final unless the companies sell their assets below their average purchase prices.
Hyperliquid Strategies stands apart from the other corporate crypto treasury firms. Lookonchain estimates that the company holds about $1.2 billion in unrealized gains from its HYPE position.
HYPE has performed better than many major cryptocurrencies during the latest market weakness. That strength has kept the company’s holdings above their reported purchase cost while Bitcoin, Ethereum and Solana treasuries face losses.
The difference between Hyperliquid Strategies’ gains and the combined Strategy and BitMine losses exceeds $24 billion. However, HYPE also remains a volatile asset, and the reported profit could change quickly.
Corporate treasury results now vary widely based on the selected asset, purchase timing and average entry price. Continued accumulation by Strategy and BitMine shows that both companies remain committed, although further declines could deepen their paper losses.
Also Read: Bitcoin Drops 14% to $61K as Strategy’s $2.5M Sale Triggers Sell-Off
