Key Findings
Data from blockchain analytics firm Artemis shows that publicly traded crypto treasury firms are collectively underwater by more than $25 billion.
Top Loss Leaders
- Strategy (MSTR) – $9.2 billion paper loss on Bitcoin.
- BitMine Immersion Technologies (BMNR) – $8.4 billion paper loss on Ethereum.
- Forward Industries – about $1 billion unrealized loss on Solana.
- Firms holding Hyperliquid (HYPE) and BNB – combined losses exceeding $100 million.
Market Context
Bitcoin has fallen 24% in the past week to around $63,708, while Ethereum dropped nearly 34% to $1,867, its lowest level since May 2025.
The steep price declines have amplified unrealized losses for firms that focus primarily on accumulating crypto assets.
Potential Moves
Prediction markets on Myriad indicate a 32% probability that Strategy will sell part of its 713,502 BTC holdings this year.
Industry Reaction
Despite the downturn, Strategy co‑founder Michael Saylor remains confident, reiterating his two‑rule Bitcoin mantra on X.
Critics, including Solana treasury firm SOL Strategies’ interim CEO Michael Hubbard, argue that “there is no sustainable market for digital asset treasuries” and warn that staking ETFs could undermine the model.