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Strategy and Bitmine, the largest Bitcoin and Ethereum treasury companies by holdings, are sitting on unrealized losses of about $12.8 billion and $10.3 billion respectively, according to Artemis data. The figures underline how exposed the digital asset treasury (DAT) sector has become to spot price drawdowns in the two largest cryptocurrencies.
Why it matters
The scale of the mark-to-market hit is structural, not a rounding error. Strategy's BTC stockpile and Bitmine's ETH position are both large enough that an extended drawdown puts their net asset values — and by extension their equity multiples — under genuine pressure. Investors who bought the DAT trade as a leveraged proxy for spot BTC or ETH are now carrying the same beta twice over.
Market impact
Hyperliquid Strategies is the only major DAT still reporting positive on a paper basis, with roughly $1.2 billion in unrealized gains — a reminder that the trade isn't broken across the sector, it's broken where the underlying asset is down. The next signal to watch is whether either Strategy or Bitmine adjusts its acquisition cadence in response to the unrealized deficit.
Source: [DATs sector — Artemis AI](https://www.artemis.ai/sectors/digital-asset-treasuries)
Frequently asked questions
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What is the unrealized loss figure for Strategy?
Strategy, the largest Bitcoin treasury company, is carrying about $12.8 billion in unrealized losses on its BTC stockpile, per Artemis data.
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How much is Bitmine down on its Ethereum holdings?
Bitmine, the largest Ethereum treasury company, is sitting on roughly $10.3 billion in unrealized losses on its ETH position, according to Artemis.
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Which crypto treasury company is still in profit?
Hyperliquid Strategies is the only major digital asset treasury currently reporting positive on a paper basis, with approximately $1.2 billion in unrealized gains.
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What is a digital asset treasury (DAT) company?
A DAT is a public company that holds Bitcoin, Ethereum, or other crypto assets on its balance sheet, effectively offering equity-market exposure to spot crypto prices.
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Why do the losses matter for the wider crypto market?
The scale of the mark-to-market hit is large enough to pressure the net asset values and equity multiples of both Strategy and Bitmine, which matters for investors using DATs as a leveraged proxy for spot BTC or ETH exposure.
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