Strategy bleeds $12.8B, Bitmine $10.3B in unrealized losses…

Artemis data reveals the scale of pain sitting on the balance sheets of the two largest digital asset treasury companies: Strategy is carrying $12.8 billion in unrealized losses on its Bitcoin holdings, while Bitmine — the largest Ethereum treasury company — is underwater by $10.3 billion. Together, the two firms account for the overwhelming majority of institutional crypto treasury exposure, making the combined $23.1 billion in paper losses a sector-wide signal, not an isolated outlier.

Why it matters

The digital asset treasury model — pioneered by Strategy and rapidly imitated across the corporate landscape — was built on the thesis that holding BTC or ETH on the balance sheet would outperform cash over a long enough horizon. These figures don't invalidate that thesis, but they do expose how brutal the mark-to-market reality is for companies that loaded up near cycle highs. Unrealized losses of this magnitude create pressure on equity valuations, debt covenants, and shareholder confidence, particularly as institutional scrutiny of crypto treasury strategies intensifies.

Market impact

Hyperliquid Strategies is the lone bright spot, sitting on approximately $1.2 billion in unrealized gains — a function of either better entry timing or a different asset mix. The contrast is stark and will likely sharpen the debate around which assets and entry strategies are viable for corporate treasury mandates. For BTC and ETH price action, the overhang of potential forced selling from distressed treasury positions is a risk the market cannot ignore.

Source: [DATs sector — Artemis AI](https://www.artemis.ai/sectors/digital-asset-treasuries)