Strategy, BitMine Take Direct Hit as Corporate Crypto Losses Snowball

A recent plunge in the cryptocurrency market is rapidly swelling mark-to-market losses at listed companies with large digital-asset holdings.

CryptoPotato reported on June 7 that Bitcoin recently fell to $59,000, its lowest level in about 19 months. The token has dropped more than $20,000 in roughly three weeks, dragging down major altcoins and adding pressure to companies' crypto-holding strategies.

On-chain analytics platform Lookonchain said Strategy now holds 843,706 Bitcoin at an average purchase price of $75,600. The total acquisition cost is about $63.8 billion, while the current value of those holdings is estimated at about $51.6 billion.

As a result, Strategy's unrealized losses have topped $12 billion, the largest mark-to-market loss in the company's history, according to Lookonchain.

BitMine, which has recently been pursuing an "Ethereum version of Strategy" strategy, is also recording heavy losses. Lookonchain said the company is now sitting on more than $10 billion in unrealized losses on its Ethereum investment after maintaining a bullish view for the past several months even as prices kept falling.

SharpLink, which also holds Ethereum, has been hit as well. Lookonchain said the value of the company's Ethereum holdings is currently down by about $1.7 billion.

Japan's Metaplanet is also under pressure. Mark-to-market losses on the company's Bitcoin holdings now exceed $1.4 billion, Lookonchain said. The company had aggressively bought Bitcoin to respond to yen weakness and macroeconomic uncertainty, but has significantly slowed the pace of purchases in recent months.

Forward Industries, which concentrated its investment in Solana, has also posted steep losses. Lookonchain estimated the company's mark-to-market loss on its Solana investment at about $1.14 billion, adding that high volatility is amplifying both gains and losses.