Tom Lee's Bitmine and Michael Saylor's Strategy show large unrealized losses on ETH and BTC holdings
As crypto prices fell, Bitmine and Strategy were estimated to be sitting on multibillion-dollar paper losses, while DWF Labs co-founder Andrei Grachev warned concentrated corporate treasuries could amplify market stress.
Digital asset treasury companies came under pressure as falling crypto prices pushed major corporate holdings into unrealized losses. Trackers estimated that as of June 6-7, Tom Lee-backed Bitmine held about 5.41 million to 5,416,901 ETH worth roughly $10.03 billion at current prices against an average cost of about $3,500 per ETH, implying a paper loss of about $10.35 billion to $10.362 billion. For Michael Saylor's Strategy, reported holdings of about 843,700 to 843,706 BTC worth about $56.26 billion, with an average cost of about $75,699 to $75,701 per bitcoin, implied an unrealized loss of more than $12 billion, with cited figures including $12.27 billion and $12.456 billion. Artemis data cited by The Block showed most major crypto treasury firms in the red, while Hyperliquid-linked firms remained in unrealized profit. On June 7, DWF Labs co-founder Andrei Grachev warned that Bitmine and Strategy had a strong chance of contributing to a historic crypto crash, while saying he hoped that outcome would not happen.
- unrealized loss: A paper loss showing how much an asset's current value is below its purchase price before it is sold.
- mark-to-market: Valuing holdings at current market prices rather than historical cost.
- digital asset treasury companies: Firms that hold cryptocurrencies as core treasury assets, making their balance sheets sensitive to price swings.