Two of crypto’s largest institutional treasury positions are underwater after a sharp market pullback, with combined paper losses reaching $16.5 billion. Data from Lookonchain posted on June 3, 2026, revealed that Tom Lee’s Bitmine was down $8.9 billion on its 5,416,901 ETH position, valued at $10.03 billion, following a reported cost basis of $3,500 per ETH. At the same time, Michael Saylor’s Strategy Holdings was down $7.6 billion on 843,706 BTC, with the position valued at $56.26 billion against a cost basis of $75,699 per BTC.
The figures underscore the growing pain among large-scale crypto investors as major digital assets continue to slide. A separate update from analytics platform deathspiral on June 4 highlighted MicroStrategy’s (MSTR) unrealized loss on its Bitcoin holdings, which had swollen to approximately $2.878 billion. This figure reflects the decline from Bitcoin’s all-time highs above $73,000 in March 2024, with BTC trading at $62,167.77 at the time of the report. MicroStrategy’s total holdings stood at approximately 214,400 BTC, acquired at an average cost of $33,706 per coin, meaning the $2.878 billion unrealized loss represents a drop from peak value, not an overall net loss.
Julian, a representative from Bitmine, noted that the crypto pullback likely reflects multiple market pressures rather than a single cause. For Strategy and Bitmine, the losses are purely on paper, but they could influence balance sheets, investor sentiment, and future capital-raising abilities. MicroStrategy has previously stated it has no plans to sell its Bitcoin and views it as a long-term store of value.
