The sharp decline in the cryptocurrency market has also significantly impacted the balance sheets of companies that stand out with their institutional treasury strategies.
According to the data, Strategy, led by Michael Saylor, incurred total losses exceeding $12.4 billion in its Bitcoin portfolio, while Bitmine, headed by Tom Lee, saw losses surpassing $10 billion in its Ethereum portfolio.
Strategy (MSTR), the company with the world’s largest institutional Bitcoin treasury, has been accumulating Bitcoin since August 2020 through equity sales programs and convertible bonds. The company holds approximately 3.9% of the total Bitcoin supply, with an average purchase cost of around $75,540 per coin. According to current data, Strategy’s Bitcoin holdings are valued at approximately $51.5 billion, while its total investment is estimated at $63.9 billion. This indicates an unrealized loss of approximately $12.39 billion for the company.
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On the other hand, Bitmine Immersion Technologies (BMNR), which attracted attention with its Ethereum-focused institutional treasury strategy, similarly experienced a significant drop in value. Holding more than 4% of the total Ethereum supply as of May 2026, the company implements a “5% supply accumulation” strategy managed by Fundstrat co-founder Tom Lee. Supported by investors such as MOZAYYX, Founders Fund, Pantera, Galaxy Digital, and ARK Invest, the majority of the company’s assets are managed through staking.
According to the data, Bitmine’s Ethereum portfolio is currently valued at approximately $8.68 billion, while its total investment stands at $18.83 billion. This results in an unrealized loss of approximately $10.16 billion for the company. Year-to-date losses amount to $5.36 billion.
*This is not investment advice.
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