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The ongoing sharp sell-off in Bitcoin and altcoins has also inflicted deep wounds on corporate balance sheets.
Double-digit weekly losses in Bitcoin and Ethereum, the second-largest cryptocurrency, have further increased the billions of dollars in losses for large-scale institutional investors.
Accordingly, Bitcoin ($BTC) fell below $63,000, while Ethereum ($ETH) dropped to around $1,800. This market pullback continues to directly affect companies, especially those holding high-cost positions.
According to Deathspiral data, Strategy $BTC, the largest institutional Bitcoin bull, is facing over $9 billion in unrealized losses.
The company holds 717,722 $BTC, with an average purchase cost of $76,020. While its total Bitcoin reserves are estimated at approximately $54.5 billion, the current decline is estimated to have resulted in a loss of around $9 billion for the company.
Similarly, Bitmine, the company owned by Wall Street figure Tom Lee, is also experiencing heavy losses due to its Ethereum position.
According to the data, Bitmine, the largest institutional Ethereum bull, is facing $8.4 billion in unrealized losses in $ETH.
Bitmine currently holds 4,422,659 $ETH at an average purchase price of $3,730.
*This is not investment advice.