Bitcoin and Ethereum have continued to weaken recently, putting increasing pressure on publicly traded companies betting on the crypto treasury model. With BTC falling below $63,000 and ETH dropping below $1,800, the unrealized losses of Strategy and Bitmine Immersion Technologies have rapidly expanded, exceeding $20 billion in total.

Strategy's holdings have turned into unrealized losses.

Data shows that Strategy currently holds 843,706 BTC, with an average purchase cost of approximately $75,699 per BTC, for a total cost of approximately $63.8 billion to $63.9 billion. Based on the prices mentioned in the article, the market value of this portion of Bitcoin has fallen back to approximately $52.6 billion, corresponding to a paper loss of approximately $11.2 billion to $11.3 billion.

This means that Strategy's long-standing Bitcoin accumulation strategy has turned from a paper profit to a paper loss of approximately 17%. The company's stock price has also been dragged down, with MSTR having fallen significantly from its historical high.

It's worth noting that Strategy recently sold 32 BTC, for approximately $2.5 million, at an average price of about $77,135. Given the company's long-standing reputation for a "buy and hold" approach to Bitcoin, this sale attracted market attention. Subsequently, as BTC continued to decline, the book value of its overall holdings shrank further by over $11 billion.

Bitmine's Ethereum treasury is under pressure.

Another company attracting attention is Bitmine Immersion Technologies. The article states that the company currently holds over 5.4 million ETH, representing approximately 4.5% of the circulating supply of Ethereum. At current prices, this holding is worth close to $10 billion, corresponding to an investment of approximately $18.8 billion.

Based on this calculation, Bitmine's unrealized Ethereum treasury losses are estimated at between $8.9 billion and $9.38 billion. With most of its ETH holdings having an average cost basis of approximately $3,500 per coin, the recent pullback has significantly increased its paper pressure.

To alleviate some of the pressure, Bitmine has staked approximately 4.7 million ETH, representing about 87% of its holdings. The article states that this staking is deployed through the MAVAN network, and the annualized staking revenue is expected to be between $276 million and $300 million.

The treasury model is being tested again.

This pullback has also prompted the market to re-examine the business logic of crypto treasury companies. Strategy relies more on rising Bitcoin prices and capital market fundraising capabilities; Bitmine, on the other hand, relies more on Ethereum price stability, staking rewards, and investor demand for ETH-related stock exposure.

In addition to its spot holdings, Strategy's preferred stock product, STRC, has recently fallen below its previous target price range of around $100. The article mentions that the product's latest trading price is approximately $94.60 to $94.85, with market commentators reporting a yield exceeding 12%. This implies that if preferred stock prices continue to weaken, the company's subsequent financing costs may increase.

The article also mentions that other Ethereum treasury companies have also suffered losses. FG Nexus reportedly bought about 50,600 ETH at an average price of about $3,940, and then recorded a significant loss after selling more than 38,000 ETH, accumulating losses of about $888.3 million, with a net loss of $38.6 million in the first quarter of 2026.

Looking at broader market data, the current pressure is not limited to individual companies. The article cites on-chain data stating that more than half of the Bitcoin supply is near or below the cost of holding; Glassnode data shows that as BTC fell back to around $62,000, the total market losses have risen to approximately $1.3 billion per day, of which long-term holders account for approximately $770 million.

These data suggest that when the price of cryptocurrencies falls below the average accumulation range, both crypto treasury companies and long-term holders will directly experience cyclical fluctuations, and the market's valuation methods for these companies may also adjust accordingly.