On-chain analytics platform Lookonchain reported on June 6 that two prominent institutional holders are currently facing massive unrealized losses amid the crypto market downturn. Bitmine, the mining firm associated with fund manager Tom Lee, holds 5,416,901 ETH acquired at an average cost of approximately $3,500 per token. At current prices, the position is underwater by $10.35 billion. Bitmine, known as a major Ethereum mining entity, has seen its ETH holdings significantly deteriorate compared to its entry price, underscoring the pressure on miners in this cycle.
Meanwhile, business intelligence company Strategy (formerly MicroStrategy), led by Michael Saylor, holds 843,706 BTC with an average cost basis of around $75,699. The company's current unrealized loss stands at $12.27 billion. Strategy remains the largest corporate holder of Bitcoin, but the sustained decline below its cost level has resulted in substantial paper losses. Although these are unrealized, the combined shortfall across both institutions exceeds $22.6 billion, marking one of the more notable statistics in the ongoing crypto correction.