Amid an ongoing crypto market correction, the unrealized losses of institutional holdings have grown. According to on-chain data platform Lookonchain, the Tom Lee-backed Ethereum reserve company Bitmine has now surpassed the Bitcoin-focused Strategy in terms of paper losses on its crypto holdings.
Data shows that Bitmine currently holds 5,416,901 ETH, worth approximately $10.03 billion at current market prices, but with an unrealized loss of about $8.9 billion relative to its cost basis. Meanwhile, Michael Saylor's Strategy holds 843,706 BTC, valued at around $56.26 billion, with an unrealized loss of roughly $7.6 billion. This means Bitmine's floating loss exceeds Strategy's by about $1.3 billion.
Bitmine, specifically positioned as an Ethereum treasury company, and Strategy, known for its aggressive Bitcoin accumulation strategy, both face significant headwinds in the downturn. However, the larger loss at Bitmine reflects Ethereum's steeper price decline relative to Bitcoin during this cycle. The comparison highlights the different risk profiles of holding alternative layer-1 assets versus Bitcoin in institutional portfolios.