Amid a continued pullback in the crypto market, Bitmine, an Ethereum reserve company backed by prominent investor Tom Lee, has seen its unrealized losses surpass those of Strategy (formerly MicroStrategy) on its Bitcoin holdings. According to data from Lookonchain, Bitmine currently holds 5,416,901 ETH, valued at approximately $10.03 billion at current market prices—but that represents an unrealized loss of about $8.9 billion relative to its cost basis.
In comparison, Strategy, led by Michael Saylor, holds 843,706 BTC, currently worth around $56.26 billion, with an unrealized loss of about $7.6 billion. While Strategy's total position value dwarfs that of Bitmine, the sharper decline in Ethereum relative to Bitcoin has pushed Bitmine's paper loss ahead.
This development marks a notable shift: at the institutional level, the unrealized loss on Ethereum positions now exceeds that on Bitcoin holdings, highlighting the divergent performance of these major crypto assets during the correction.