DAT encrypted reserve company profit and loss roundup! Strategy lost $1.9 billion; bought $HYPE and two companies are sitting on unrealized gains

As of May 30, over 200 digital asset treasury (DAT) companies worldwide hold more than 1.24 million BTC, with a book value of about $91.5 billion. However, as Bitcoin has fallen from $87,000 at the start of the year to the $73,500 range, the top 20 DATs have experienced an unrealized loss of over $17 billion, with more than half seeing their mNAV drop below 1.0.
(Background: Pantera Capital predicts a "brutal shakeout" for digital asset treasuries in 2026, as the market moves toward an era dominated by giants)
(Additional context: The hidden concerns behind the boom of digital asset treasuries (DATs): Which tokens carry the greatest risk?)

Table of Contents

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• How much do the three giants have on paper loss
• Who among 200 companies is still profitable
• The DAT elimination race enters deep waters

Key Summary

• Strategy holds 843,738 BTC, with an average cost of $75,700, and an unrealized loss of about $1.9 billion at current prices, with mNAV dropping to 0.98
• Metaplanet holds 40,177 BTC, with an average cost of $104,106, an unrealized loss of about $640 million, and an mNAV of only 0.86, having paused coin purchases
• BitMine holds about 1.7 million staked ETH, with an average cost of $3,900, current price at $2,017, unrealized loss exceeding $3.2 billion, accounting for nearly 44% of the top 20 DATs' total losses

More than 200 listed companies globally have incorporated cryptocurrencies into their balance sheets, collectively locking in over 1.24 million BTC, 1.7 million ETH, and dozens of other tokens. This collective experiment of "financing with stocks to buy coins" was seen as a genius strategy during the bull market. By the first half of 2026, as BTC slid from $87,000 to $73,500, most participants' profit and loss statements were left with only red bars.

Image source: hl.eco

How much do the three giants have on paper loss

Strategy (formerly MicroStrategy) is the largest DAT on Earth, holding 843,738 BTC with a total cost of $63.87 billion, averaging about $75,700 per BTC. Based on the May 30 BTC current price of $73,500, its book value is approximately $62 billion, with an unrealized loss of about $1.9 billion. What unsettles the market even more is that Strategy’s mNAV (market value to net assets ratio) has plummeted from a peak of 3.4 in 2025 to 0.98, with the market valuation of Strategy even lower than the net value of its Bitcoin holdings.

The disappearance of a premium equals the stall of the flywheel. In the past, Strategy relied on a cycle of "mNAV > 1 → issuing more shares or convertible bonds → buying more BTC → BTC rising → further boosting mNAV," which kept expanding. After mNAV fell below 1, issuing new shares only diluted existing shareholders.

Asia’s largest DAT, Japan-listed Metaplanet (3350.T), holds 40,177 BTC, with an average cost of about $104,106, an unrealized loss of approximately $640 million, and an mNAV of only 0.86. Its Q1 net loss was 114.5 billion yen (about $726M). A more critical signal is that Metaplanet has paused coin purchases, which the market interprets as "out of bullets."

Ethereum camp’s BitMine Immersion (BMNR) is in the deepest water. The company holds about 1.7 million staked ETH, with an average cost of around $3,900, and ETH’s current price at $2,017, with an unrealized loss exceeding $3.2 billion. One company accounts for nearly 44% of the total unrealized losses among the top 20 DATs.

Who among 200 companies is still profitable

True on-paper profits among DATs are few. Notably, two related companies with hype reserves—HYPD (Hyperion DeFi) and PURR (Hyperliquid Strategies)—are currently floating with profits of $49 million and $1.22 billion, respectively.

Other companies: SpaceX bought BTC at a cost of $386 million, now valued at about $1.37 billion, with unrealized gains of roughly $990 million, yielding a return of over 256%. The key is that SpaceX bought early, cheaply, and not through financing.

Coinbase (COIN) holds 16,492 BTC, which also shows a positive on paper, but its mNAV is as high as 33.68 times because the market values it as an exchange, with BTC holdings as an ancillary asset.

Bitcoin mining companies are another relatively healthy group of DATs.

MARA Holdings (35,303 BTC), Riot Platforms (15,680 BTC), and CleanSpark (16,331 BTC) have mNAVs of 2.65, 9.34, and 4.93 times, respectively. Their premiums come from mining capacity, power contracts, and AI data center transformations, not solely relying on coin prices.

The DAT elimination race enters deep waters

At the beginning of the year, Pantera Capital predicted 2026 would be a "brutal淘汰 year" for DATs, and five months into the year, this is happening. Galaxy Digital’s research department even states that the DAT industry has entered the "Darwinian stage," where the collapse of premiums will eliminate small players lacking capital advantages and operational capabilities. More than half of the top 20 DATs have seen their mNAV fall below 1.0, and the premise of the flywheel mode no longer exists.

The industry is transitioning toward DAT 2.0, shifting from "holding coins" to "coin-generating coins." CoinDesk’s analysis points out that surviving entities need three capabilities: staking yield management, lending spread operations, and using BTC as collateral to participate in DeFi or RWA yield strategies. Purely "buy and hold" strategies are no longer convincing investors to keep buying your stock.

Frequently Asked Questions

What is a DAT company?

DAT (Digital Asset Treasury) refers to publicly listed companies that incorporate cryptocurrencies as core assets on their balance sheets, raising funds through issuing stocks or convertible bonds to buy digital assets like BTC, ETH, etc. Investors indirectly hold cryptocurrencies by buying shares. Currently, there are over 200 DAT companies worldwide.

Why are most DAT companies currently losing money?

BTC has fallen from about $87,000 at the start of the year to $73,500, and most DATs’ average purchase prices are above the current price. More critically, the fall of mNAV below 1 triggers dilution through issuance, turning the "financing to buy coins" flywheel into a compression mechanism.