The corporate crypto treasury experiment is having a rough quarter. Strategy and Bitmine, the two firms that bet biggest on holding digital assets on their balance sheets, are now staring down a combined $23.1 billion in unrealized losses as Bitcoin and Ethereum prices slide through early June 2026.
Strategy, the company formerly known as MicroStrategy that pioneered the entire “put Bitcoin on your balance sheet” playbook, is carrying between $12.8 billion and $13 billion in paper losses on its BTC holdings. Bitmine, the largest corporate Ethereum treasury, isn’t faring much better with approximately $10.3 billion in unrealized losses on its ETH position.
What’s driving the damage
Both companies accumulated massive positions during periods when prices were significantly higher. Now Bitcoin is trading between $65,000 and $69,000, and Ethereum sits below the $1,800 to $1,900 range.
Neither company has actually sold anything. These are paper losses, the kind that only become real if you hit the sell button, and so far, both firms appear committed to holding, with no significant transaction activity reported from either one. In fact, both Strategy and Bitmine have continued to accumulate their respective assets despite the declining market conditions.
