The past week has been brutal in the cryptocurrency markets, with Bitcoin plunging to $59,000 on Friday — its lowest level in 19 months. Over roughly three weeks, Bitcoin lost more than $20,000 in value, and that collapse dragged down almost every major altcoin, amplifying pressure on large corporate holders. Analysts at Lookonchain have published estimates of the resulting paper losses for several prominent firms.
UPDATE:
Tom Lee (@fundstrat)’s #Bitmine is down $10.35B.
Michael Saylor (@saylor)’s #Strategy is down $12.27B.https://t.co/YUVOVx6KSS pic.twitter.com/h0bZBiGncp
— Lookonchain (@lookonchain) June 6, 2026
Strategy and Bitmine Lead the Losses
First, a brief disclaimer: cryptocurrency prices move constantly since markets trade 24/7, so figures change in real time. Still, the current data paints a stark picture for many corporate holders — beginning with MicroStrategy (often called Strategy in commentary), led by Michael Saylor.
MicroStrategy remains the largest corporate holder of Bitcoin and continued accumulating over the past 18 months, now holding approximately 843,706 BTC even after a small sale last week. With an average purchase price near $75,600 per BTC, the company spent roughly $63.8 billion to build its position. At present market prices, that holding is valued around $51.6 billion, creating an unrealized loss of more than $12 billion — the largest such loss in the company’s history.
Bitmine, chaired by Tom Lee, has smaller holdings than MicroStrategy but faces comparable paper losses. Lookonchain’s analysis indicates Bitmine’s Ethereum exposure is showing a paper loss exceeding $10 billion. That comes even as Lee and others have repeatedly suggested that ETH had reached a bottom and that a “crypto spring” could be approaching.
Other Corporate Holders
Several other public and corporate holders also show meaningful unrealized losses. SharpLink, for example, has seen its Ethereum position decline in value by roughly $1.7 billion at current prices.
Japan’s Metaplanet — sometimes dubbed “Asia’s MicroStrategy” for its aggressive Bitcoin accumulation — has accrued over $1.4 billion in unrealized losses on its BTC holdings. The company amassed large Bitcoin reserves in 2024 and 2025 as a hedge against currency weakness and macroeconomic uncertainty, but its purchases have slowed considerably in recent months.
Forward Industries carries significant exposure to Solana and faces an estimated $1.14 billion paper loss. SOL’s higher historical volatility tends to magnify gains and losses, which helps explain the scale of Forward’s unrealized loss.
Overall, these figures underline how sharply falling crypto prices can strain corporate balance sheets that hold large, concentrated digital-asset positions. Unrealized losses do not equate to realized losses unless positions are sold, but the declines reduce paper equity and can restrict strategic options for firms that use digital assets as treasury reserves or financial hedges.