Industry-wide, companies that bought during recent peaks are currently below cost.
According to Artemis data released on February 28, 2026, Bitmine and Strategy — the companies holding the world’s largest digital asset reserves — are now sitting on a combined unrealized loss of $15.9 billion. These figures reflect the difference between the companies’ acquisition costs and the current valuation of their digital asset holdings.
Unrealized Losses Concentrated Among Industry Giants
Artemis’ Unrealized P&L DATs chart reveals the extent to which firms maintaining digital assets on their balance sheets have moved into profit or loss positions. The ranking orders companies from highest to lowest by unrealized loss over the past year, drawing particular attention to Bitmine and Strategy at the top. Bitmine leads the pack with $8.4 billion in unrealized losses, followed closely by Strategy with $7.5 billion. While other names — such as Twenty One Capital, Bitcoin Standard Treasury, Sharplink Gaming, and Metaplanet — also appear on the list, none approach the scale of red ink recorded by these two industry leaders.
ContentsUnrealized Losses Concentrated Among Industry GiantsPortfolio Exposure Drives Losses for Bitmine and StrategyMarket Landscape: Widespread Unrealized LossesScrutiny Mounts as Future Remains UnclearPortfolio Exposure Drives Losses for Bitmine and Strategy
Strategy has become known in recent years for its aggressive and large-scale Bitcoin acquisitions. The company now controls over 499,000 Bitcoin, with much of this buying spree coinciding with significant market rallies in 2024 and 2025. Since Bitcoin currently trades around the $60,000 mark, some of Strategy’s recent acquisitions now sit below their purchase cost. Bitmine faces even steeper losses than Strategy, a situation that points to either a larger portfolio or a higher average entry price per Bitcoin.
Neither company has liquidated any of its Bitcoin holdings. Both have publicly reaffirmed their commitment to long-term accumulation strategies, choosing not to sell during periods of temporary price weakness. However, mark-to-market accounting principles mean these paper losses are reflected on their balance sheets, potentially applying pressure. Still, unless assets are sold, these losses remain unrealized and do not translate into actual cash outflows.
Market Landscape: Widespread Unrealized Losses
Artemis’ overview includes other industry players such as Metaplanet, The Ethereum Machine, Solana Company, Nakamoto Holdings, DeFi Development Corp, and Hyperliquid Strategies. Across the board, all firms charted have registered unrealized losses over the past twelve months. For institutions that ramped up digital asset purchases during the peaks of 2024 and 2025, current prices have left them underwater relative to their entry points.
The concentration of the biggest unrealized losses in Bitmine and Strategy underscores how institutional Bitcoin reserves have clustered within these mega-holders. The majority of total sector losses are attributed to these two major companies.
Scrutiny Mounts as Future Remains Unclear
With total unrealized losses reaching $15.9 billion, investors are closely monitoring the financial position of these firms. Notably, Strategy’s stock has often traded at a premium relative to its book value, but the recent downturn in Bitcoin has tightened this gap, pressuring net asset valuations and sparking new questions over the company’s capital structure. This scrutiny has increased pressure on shareholders and management alike.
Whether these paper losses will eventually become realized depends largely on future Bitcoin price movements and each firm’s corporate policies. For now, these negative positions remain on paper, with no losses crystallized as long as the assets are not sold.
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