Bitcoin and Ethereum have continued to weaken recently, increasing pressure on publicly traded companies betting on the crypto treasury model. As BTC fell below $63,000 and ETH dropped below $1,800, the unrealized losses of Strategy and Bitmine Immersion Technologies have rapidly expanded, totaling over $20 billion combined.
Transfer strategy position to unrealized loss
Data shows that Strategy currently holds 843,706 BTC, with an average purchase cost of approximately $75,699 per BTC, resulting in a total cost of nearly $63.8 to $63.9 billion. Based on the price mentioned in the article, the market value of this Bitcoin holding has declined to approximately $52.6 billion, representing an unrealized loss of about $11.2 to $11.3 billion.
This means that Strategy’s long-term Bitcoin accumulation strategy has shifted from paper gains to an approximate 17% unrealized loss. The company’s stock price has also been affected, with MSTR significantly declining from its all-time high.
Notably, Strategy recently sold 32 BTC, amounting to approximately $2.5 million at an average price of around $77,135. Given the company’s long-standing reputation for a “buy and hold” approach to Bitcoin, this sale has drawn market attention. Since then, as BTC continued to decline, the paper value of its overall holdings has further shrunk by over $11 billion.
Bitmine's Ethereum treasury is under pressure
Another company attracting attention is Bitmine Immersion Technologies. The article states that the company currently holds over 5.4 million ETH, accounting for approximately 4.5% of Ethereum’s circulating supply. At current prices, this holding is valued at nearly $10 billion, with an associated investment size of approximately $18.8 billion.
Based on this calculation, Bitmine’s unrealized loss on its Ethereum treasury is approximately $8.9 to $9.38 billion. With an average cost basis of around $3,500 per ETH, the recent market pullback has significantly increased its paper losses.
To alleviate some pressure, Bitmine has staked approximately 4.7 million ETH, representing about 87% of its holdings. The article states that this staking is deployed through the MAVAN network, with an estimated annualized staking income of $276 million to $300 million.
The treasury model is being tested again.
This pullback has also prompted the market to reevaluate the business models of crypto treasury companies. Strategy relies more on upward price movements in Bitcoin and access to capital markets; Bitmine, on the other hand, depends more on stable Ethereum prices, staking yields, and investor demand for exposure to ETH-related equities.
In addition to spot positions, Strategy’s preferred stock product, STRC, has recently fallen below its original target price range of around $100. The article notes that the latest trading price for this product is approximately $94.60 to $94.85, with yields in market commentary exceeding 12%. This suggests that if the preferred stock remains weak, the company’s future financing costs could rise.
The article also noted that other Ethereum treasury companies suffered similar losses. FG Nexus reportedly purchased approximately 50,600 ETH at an average price of around $3,940 and incurred substantial losses after selling over 38,000 ETH, resulting in cumulative losses of approximately $888.3 million, with a net loss of $38.6 million in the first quarter of 2026.
Looking at broader market data, the current pressure is not limited to individual companies. The article cites on-chain data showing that over half of the Bitcoin supply is now near or below its cost basis; Glassnode data indicates that as BTC retraces to around $62,000, the total realized loss across the market has risen to approximately $1.3 billion daily, with long-term holders accounting for about $770 million of that amount.
This data indicates that when the coin price falls below the average position range, crypto treasury companies and long-term holders are more directly exposed to market cycles, and the market's valuation approach for these companies may also adjust accordingly.