As the crypto market continues its pullback, the paper losses on institutional holdings are deepening. According to data tracked by Lookonchain, Bitmine — an Ethereum treasury company supported by Fundstrat co-founder Tom Lee — has seen its unrealized loss on ETH now exceed that of Strategy's Bitcoin holdings, the firm led by Michael Saylor.
Bitmine currently holds 5,416,901 ETH, worth approximately $10.03 billion at current market prices. The cost basis is far higher, resulting in an unrealized loss of around $8.9 billion. This deficit has topped the previously highlighted paper loss at Strategy.
Strategy holds 843,706 BTC, with a market value near $56.26 billion and an unrealized loss of about $7.6 billion. While both the total position value and loss are smaller in dollar terms compared to Bitmine's ETH pile, Strategy's figure remains a key reference point for Bitcoin-focused treasury strategies.