BitMine Down $8.9B in ETH While Strategy Loses $7.6B in BTC

The crypto market pullback is testing even the industry’s biggest corporate holders. According to recent data, Bitmine Immersion is sitting on an unrealized loss of roughly $8.9 billion on its massive Ethereum position. At the same time, Strategy (formerly MicroStrategy) is down about $7.6 billion on its Bitcoin holdings.

The losses remain unrealized. However, they highlight the risks that come with large crypto treasury strategies during volatile markets. The latest developments have also sparked debate over whether firms should continue buying during downturns or begin reducing exposure.

Bitmine Continues Buying Ethereum Despite Drawdown

While many investors remain cautious, Bitmine continues to increase its Ethereum holdings. Last week alone, the company purchased 26,497 ETH worth about $52.6 million. The purchase brought its total holdings to 5,416,901 ETH, valued at roughly $10.75 billion.

The company now controls around 4.49% of Ethereum’s circulating supply. Tom Lee, Chairman of Bitmine Immersion, remains bullish despite recent price weakness. “Over the past week, we acquired 26,497 ETH. In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals,” Lee said. The company is targeting ownership of 5% of Ethereum’s total supply by the end of 2026.

At the time of the announcement, over 4.7 million ETH had already been staked through MAVAN, Bitmine’s institutional staking platform. The company estimates annual staking rewards could eventually exceed $290 million. Despite the recent decline in Ethereum price, management continues to view ETH as a long-term strategic asset.

Strategy Breaks Three-Year Bitcoin Selling Streak

Meanwhile, Michael J. Saylor’s Strategy surprised the market. The company sold 32 BTC worth approximately $2.47 million last week. The transaction marks the first Bitcoin sale since December 2022. According to company filings, the coins were sold at an average price of $77,135. The move comes after Strategy signaled it may actively manage its balance sheet instead of strictly following a “never sell” approach.

The development immediately fueled speculation about Michael Saylor selling Bitcoin. However, the sale represents only a tiny fraction of Strategy’s overall holdings. Strategy still remains the largest corporate Bitcoin holder in the world.

At the same time, the company continues promoting its preferred stock product, STRC, which currently offers an 11.50% dividend yield. Management is also seeking shareholder approval to move STRC dividend payments from monthly to semi-monthly distributions.

What This Means for Investors

The contrasting approaches are attracting attention from investors. On one side, BMNR continues accumulating Ethereum despite large paper losses. On the other, Strategy has begun selectively selling Bitcoin for the first time in years. Neither company appears forced to liquidate assets. Instead, both firms are adjusting strategies based on long-term goals.

For investors, the situation highlights an important lesson. Large unrealized losses do not always trigger panic selling. Treasury companies often operate with much longer investment horizons. However, continued market weakness could increase pressure on crypto focused stocks such as BMNR and Strategy.

How This Affects Developers and the Crypto Industry

The moves extend beyond investors. Developers building on Ethereum may view Bitmine’s continued accumulation as a vote of confidence in the network’s future. The company’s growing staking operations also strengthen Ethereum’s institutional infrastructure. Meanwhile, Strategy’s decision to actively manage its Bitcoin treasury could influence how future public companies approach digital asset reserves. As institutional adoption grows, treasury strategies are becoming a bigger part of the crypto ecosystem.

Outlook

The current downturn has placed both crypto giants under pressure. Yet Bitmine Immersion, Ethereum holdings, and Strategy’s Bitcoin strategy remain closely watched by the market. For now, Tom Lee continues buying ETH. While Michael J. Saylor appears willing to take a more flexible approach with Bitcoin. How those decisions play out could shape the next chapter for corporate crypto treasuries.