The past week or so has been nothing short of a bloodbath in the cryptocurrency markets, with bitcoin plummeting to $59,000 on Friday for the first time in 19 months.
Aside from losing more than $20,000 in approximately three weeks, BTC’s calamity dragged almost all altcoins. This has intensified the pressure on the largest corporate holders of those assets, and the analysts at Lookonchain provided specific numbers about the extent of those companies’ paper losses.
UPDATE:
Tom Lee (@fundstrat)’s #Bitmine is down $10.35B.
Michael Saylor (@saylor)’s #Strategy is down $12.27B.https://t.co/YUVOVx6KSSpic.twitter.com/h0bZBiGncp
— Lookonchain (@lookonchain) June 6, 2026
Strategy and Bitmine Lead the Bad Way
Before delving into the details of the aforementioned corporate crypto holders, we need to add a brief disclaimer. The data above is subject to change since the cryptocurrency market operates 24/7 and prices fluctuate constantly. Nevertheless, they provide a clear and painful picture for many of those companies, beginning with Michael Saylor’s Strategy.
The largest corporate holder of bitcoin (or any other cryptocurrency) has continued to accumulate substantial portions of BTC for the past year and a half, and its digital fortune has grown to 843,706 units even after selling a tiny amount last week. Given its average accumulation price of $75,600 per BTC, the firm has spent roughly $63.8 billion to acquire its stash. However, its current value of $51.6 billion leaves Strategy with the highest unrealized loss in its history of more than $12 billion.
Although Bitmine’s crypto holdings are far behind Strategy, its unrealized losses are relatively close. The Tom Lee-chaired firm now sits on a paper loss of well over $10 billion on its Ethereum bet, even though he has repeatedly predicted in the past few months that ETH has bottomed and crypto spring is just around the corner.
The Rest
Similar to Bitmine, SharpLink is also down on its Ethereum exposure, as Lookonchain’s data shows a value drop of around $1.7 billion at current prices.
Japan-based Metaplanet, often referred to as ‘Asia’s Strategy,’ has experienced unrealized losses of over $1.4 billion on its BTC holdings. It’s worth noting that the company aggressively accumulated bitcoin to hedge against currency depreciation and macro uncertainty during the run in 2024/2025 but has mostly halted its purchases in the past several months.
Forward Industries follows with a $1.14 billion paper loss on its Solana exposure. SOL typically carries higher volatility, amplifying both upside potential and downside risk.
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