The sharp decline in the virtual currency market is also having a major impact on the balance sheets of companies that are prominent in institutional investor strategies.
Michael Saylor’s Strategy Inc. suffered total losses of more than $12.4 billion on its Bitcoin portfolio, while Tom Lee’s Bitmine lost more than $10 billion on its Ethereum portfolio, according to the data.
Strategy (MSTR), which owns the world’s largest institutional Bitcoin treasury, has been accumulating Bitcoin through stock sales programs and convertible bonds since August 2020. The company holds about 3.9% of the total Bitcoin supply, with an average purchase cost of about $75,540 per coin. According to current data, Strategy’s Bitcoin holdings are valued at approximately $51.5 billion, with total investments estimated at $63.9 billion. This represents an unrealized loss of approximately $12.39 billion for the company.
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On the other hand, Bitmine Immersion Technologies (BMNR), which attracted attention for its institutional investor strategy centered on Ethereum, also experienced a significant price drop. The company, which holds over 4% of Ethereum’s total supply as of May 2026, is implementing a “5% supply accumulation” strategy managed by Fundstrat co-founder Tom Lee. Backed by investors such as MOZAYYX, Founders Fund, Pantera, Galaxy Digital, and ARK Invest, the majority of the company’s assets are managed through staking.
According to the data, Bitmine’s Ethereum portfolio is currently valued at approximately $8.68 billion, with total investments of $18.83 billion. This will result in the company incurring an unrealized loss of approximately $10.16 billion. Year-to-date losses amount to $5.36 billion.
*This is not investment advice.
