As the cryptocurrency market continues its correction, the portfolio holdings of large institutions are experiencing significant shifts. On-chain data from Lookonchain reveals that Bitmine, an Ethereum reserve company backed by Tom Lee, has seen its unrealized losses surpass those of Strategy (formerly MicroStrategy), led by Michael Saylor, making it the largest institutional paper loss among crypto whales.
Data shows that Bitmine currently holds 5,416,901 ETH, worth approximately $10.03 billion at current market prices. However, due to a higher average entry cost, its acquisition price far exceeds the market value, resulting in an unrealized loss of about $8.9 billion. This figure even surpasses the total assets under management of many smaller crypto funds.
Meanwhile, Strategy's 843,706 BTC have a market value of around $56.26 billion, but the decline from all-time highs has led to an unrealized loss of approximately $7.6 billion. While the paper losses are staggering, on-chain data indicates that neither entity has engaged in significant selling or reduction of their positions.