Recent weeks have seen crypto treasuries underwater, with significant declines in value. According to data from Artemis, these losses are substantial, amounting to billions. Bitcoin experienced a dramatic 13% price drop within 24 hours, while Ethereum faced a 34% decrease over seven days. These shifts highlight the overall precarious financial position of crypto treasuries, which are deeply underwater with combined paper losses exceeding $25 billion. Exposures in major cryptocurrencies like Bitcoin and Ethereum continue to contribute to this trend, showing the volatile and risky nature inherent in the current crypto market landscape.
BitMine Immersion Technologies (BMNR) and Strategy (MSTR) are facing significant unrealized paper losses due to their cryptocurrency holdings. BMNR’s holdings in Ethereum have resulted in a paper loss of approximately $8.4 billion. Similarly, Strategy has incurred around $9.2 billion in losses from its substantial Bitcoin holdings. Strategy, known for its large Bitcoin exposure, currently holds 713,502 BTC. The prediction market has placed around a 32% probability that Strategy would sell any of its Bitcoin within the last week. It’s important to note that Artemis’ data, which details these losses, excludes firms like Coinbase, Riot Platforms, Tesla, and GameStop, whose core businesses lie outside the realm of cryptocurrencies.
Additional firms also face sizeable unrealized losses reported in the Artemis dashboard for corporate crypto treasuries. Forward Industries has around $1 billion in unrealized losses tied to its Solana treasury. More than $100 million in paper losses are reported for firms stacking Hyperliquid (HYPE) and BNB. The Artemis dashboard accounts for more than $25 billion in losses across listed treasuries. Artemis data excludes Coinbase and Riot Platforms and excludes companies with core business outside crypto, including Tesla and GameStop. These reported figures cover unrealized losses beyond Bitcoin and Ethereum exposures.
Michael Saylor provides a straightforward strategy for Bitcoin investments with his two-step advice: “1. Buy Bitcoin. 2. Don’t sell Bitcoin.” This underscores his commitment to holding Bitcoin despite market fluctuations. He also emphasized the need to “dispel the notion” that Strategy might sell its Bitcoin holdings.
Meanwhile, Joe Weisenthal expressed skepticism about the digital asset treasury (DAT) industry, noting on X (Twitter) that last year’s surge in DAT companies swapping tokens for equity might represent the sector’s last significant phase. Both quotes highlight different aspects of the industry as reported by Bloomberg.
Crypto treasuries remain deeply underwater, with significant paper losses on Bitcoin, Ethereum and Solana that have affected a range of firms captured in Artemis data. Artemis reports aggregate losses exceeding $25 billion, and industry commentary from Michael Saylor and Joe Weisenthal reflects a cautious posture toward digital asset treasuries. Reported losses include multibillion-dollar unrealized positions and more than $100 million in paper losses for firms stacking Hyperliquid and BNB.
