Fresh on-chain data shared by analyst Yujin shows that major crypto treasury firms are still adding to their Bitcoin and Ethereum positions, even as their portfolios remain significantly below aggregate cost basis. The latest figures put Strategy (MSTR) and Bitmine (BMNR) among the most closely watched corporate holders in the market.
Strategy adds more Bitcoin
According to the disclosed data, Strategy purchased 4,871 BTC last week at an average price of $67,718 per coin, for a total outlay of about $330 million. Following that acquisition, the company’s total Bitcoin holdings rose to 766,970 BTC, with a current value estimated at roughly $53.287 billion.
However, the firm’s average cost basis across its full Bitcoin position stands at $75,644. Based on that figure, Strategy is currently sitting on an unrealized loss of approximately $4.729 billion. The numbers suggest that while the company has kept expanding its BTC treasury, its blended entry price remains above present valuation levels.
Bitmine’s Ethereum position also remains underwater
On the Ethereum side, Bitmine bought 71,252 ETH for around $147 million, with an average purchase price of about $2,063 per ETH. After the latest purchase, Bitmine’s total ETH holdings climbed to 4,803,334 ETH, currently valued at about $10.303 billion.
Its average cost basis, however, is far higher at roughly $3,644 per ETH. Using that blended cost, Bitmine’s unrealized loss is estimated at $7.202 billion, exceeding Strategy’s paper loss in absolute terms.
Cost basis remains a key risk indicator
The data highlights how treasury-style crypto exposure can create substantial mark-to-market pressure when firms accumulate large positions across multiple price cycles. As long as market prices remain below average acquisition cost, unrealized losses can stay elevated despite ongoing purchases.
At the same time, these are paper losses rather than realized ones, meaning they would only be locked in if the assets were sold at current levels. Even so, the latest holdings, valuations, and cost-basis data for Strategy and Bitmine offer an important snapshot of institutional crypto exposure and the risks tied to large-scale treasury accumulation.