📢 Gate Square Daily | June 26
1️⃣ Market Update: BTC has fallen below $60,000, currently at $59,851, down 1.7% in 24 hours, triggering about $600 million in long position liquidations across the network.
2️⃣ Institutional Moves: Strategy common stock fell below $90, hitting a new low since February 2024; preferred stock STRC fell below $76 during trading, down 24% from its $100 par value, marking the lowest closing price since listing.
3️⃣ Macro Trends: The U.S. core PCE annual rate for May recorded 3.4%, the highest since October 2023.
4️⃣ Industry Dynamics: SpaceX's stock price retreat sounds a warning; OpenAI is leaning toward postponing its IPO until next year.
5️⃣ TradFi Dynamics: U.S. AI concept stocks broadly fell; Atlassian dropped over 8.38%; South Korean stocks plunged 5% triggering a circuit breaker; SK Hynix fell 6%.

#STRCHitsAllTimeLow
Michael Saylor's Strategy
· Current loss: Around $14 billion unrealized on its Bitcoin position as of late June .
· Holdings: Strategy holds approximately 847,363 BTC with an average purchase price of about $75,651 per coin .
· Total cost basis: Roughly $64.1 billion .
Tom Lee's Bitmine
· Current loss: Approximately $10.5 billion unrealized on its ETH position .
· Holdings: Bitmine holds around 5.41 million ETH with an average cost of roughly $3,500 per ETH .
· Total value: The ETH position is currently valued at about $10.03 billion .
The Bigger Picture
Both firms are sitting on massive paper losses, but the dynamics are different.
Strategy's Struggles
This is more than just a paper loss. Strategy is facing real liquidity pressure. Its cash reserves have dropped from $2.25 billion at the start of 2026 to around $900 million . At the same time, annual dividend obligations on its preferred stock now run between $750 million and $800 million .
The company has already broken its "never sell" pledge, offloading 32 BTC in late May to cover dividend payments . Its preferred stock (STRC) is trading below par at around $94.60, which is putting further pressure on the structure . CryptoQuant has even suggested Strategy should pause its Bitcoin purchases and rebuild its cash reserves .
Bitmine Keeps Buying
Bitmine's story is different. Despite being underwater by over $9.5 billion, Tom Lee's firm is still accumulating ETH . On June 15, they added another 76,881 ETHfor roughly $135 million, pushing their total holdings past 5.6 million ETH . It looks like a deliberate, long-term institutional bet that they're willing to hold through the pain .
The Bottom Line
These are paper losses for now. Neither firm is forced to sell at these prices—unless Strategy's liquidity situation gets worse. That's the real risk to watch. If Bitcoin continues to slide and Strategy's cash position keeps deteriorating, those unrealized losses could become realized ones. And that would be a whole different story.
$BTC $ETH $GT