Bitmine and Strategy Are Sitting on a Combined $15.9 Billion in Unrealized Losses

Artemis data published on February 28, 2026 shows that the two largest Digital Asset Treasury brands, Bitmine and Strategy, are carrying a combined $15.9 billion in unrealized losses on their token positions calculated against average cost basis.

What the Artemis Chart Shows

The Unrealized P&L DATs visualization from Artemis tracks the unrealized gain or loss position of companies holding digital assets on their balance sheets, measured against the average price they paid to accumulate those positions. The chart covers a one-year period and ranks entities from largest unrealized loss to largest unrealized gain along the horizontal axis.

Bitmine sits furthest to the left at negative $8.4 billion, making it the single largest holder of unrealized losses in the dataset. Strategy, the company formerly known as MicroStrategy, follows immediately at negative $7.5 billion. The gap between those two and the rest of the field is visually significant on the chart. Twenty One Capital, Bitcoin Standard Treasury, Sharplink Gaming, Metaplanet, and a range of smaller operators are visible further along the axis, but none approach the scale of the two leaders.

The right side of the chart, where unrealized gains would appear, is essentially flat across the visible entities. The chart is almost entirely a study in losses at current price levels.

The Scale in Context

Strategy’s $7.5 billion unrealized loss figure requires some framing. The company holds over 499,000 Bitcoin accumulated across multiple years of purchases at varying cost bases. At Bitcoin’s current price in the low $60,000s, a significant portion of that accumulation, particularly tranches purchased during the 2024 and 2025 rally phases, is now underwater on a mark-to-market basis.

Bitmine’s $8.4 billion figure is the more striking number given that it exceeds Strategy’s despite Strategy being the more widely covered corporate Bitcoin holder. The scale of Bitmine’s unrealized loss implies either a very large position, a very high average cost basis, or both.

Unrealized losses are not realized losses. Neither company has sold its holdings, and both have publicly maintained long-term accumulation strategies that are explicitly designed to hold through drawdown periods. The accounting treatment of these positions depends on the specific framework each company uses, with mark-to-market accounting producing balance sheet impacts that do not reflect cash losses until a sale occurs.

The Broader DAT Landscape

The Artemis chart includes entities ranging from Metaplanet and The Ethereum Machine to Solana Company, Nakamoto Holdings, DeFi Development Corp, and Hyperliquid Strategies, among others. Without exception across the visible dataset, every named entity is in negative unrealized P&L territory for the one-year period.

That uniformity reflects the state of the broader digital asset market across the timeframe. Companies that accumulated Bitcoin or other digital assets at prices prevailing during the 2024 to early 2025 period, when prices were significantly higher than current levels, are now carrying positions that are worth less than what was paid for them on a paper basis.

The concentration of losses at the top of the chart, with Bitmine and Strategy accounting for the majority of the aggregate figure, reflects the concentration of the largest corporate treasuries in those two entities specifically.

What It Signals

The combined $15.9 billion in unrealized losses across the DAT space is a balance sheet reality that investors in these companies are tracking closely. For Strategy in particular, whose equity price has historically traded at a premium to its Bitcoin net asset value, the compression of that NAV creates pressure on the premium and raises questions about capital structure that become more acute the longer Bitcoin remains at current levels.

Whether those losses become realized depends entirely on price recovery and corporate treasury policy. For now, they remain on paper. The paper is getting heavier.

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