The corporate crypto treasury experiment is having a rough quarter. Strategy and Bitmine, the two firms that bet biggest on holding digital assets on their balance sheets, are now staring down a combined $23.1 billion in unrealized losses as Bitcoin and Ethereum prices slide through early June 2026.

Strategy, the company formerly known as MicroStrategy that pioneered the entire “put Bitcoin on your balance sheet” playbook, is carrying between $12.8 billion and $13 billion in paper losses on its BTC holdings. Bitmine, the largest corporate Ethereum treasury, isn’t faring much better with approximately $10.3 billion in unrealized losses on its ETH position.

What’s driving the damage

Both companies accumulated massive positions during periods when prices were significantly higher. Now Bitcoin is trading between $65,000 and $69,000, and Ethereum sits below the $1,800 to $1,900 range.

Neither company has actually sold anything. These are paper losses, the kind that only become real if you hit the sell button, and so far, both firms appear committed to holding, with no significant transaction activity reported from either one. In fact, both Strategy and Bitmine have continued to accumulate their respective assets despite the declining market conditions.

Shares of both MSTR and BMNR have declined alongside the broader cryptocurrency market.

The outlier making everyone else look bad

Not every corporate crypto treasury is underwater. Hyperliquid Strategies, which employs a similar treasury model but with the HYPE token instead of Bitcoin or Ethereum, has reported approximately $1.2 billion in unrealized gains.

That’s a $24.3 billion spread between the winners and losers of the corporate treasury model. The divergence illustrates something that should be obvious but apparently bears repeating: the strategy of concentrating your balance sheet in a single digital asset produces wildly different outcomes depending on which asset you pick.

What this means for investors

Strategy pioneered the idea that a public company could essentially function as a leveraged Bitcoin vehicle. Bitmine adopted the same playbook for Ethereum, becoming the largest corporate ETH treasury. For a while, both looked brilliant. Shareholders got crypto exposure through traditional equity markets, and the companies’ stock prices often traded at premiums to their underlying holdings.

The lack of any selling activity from either Strategy or Bitmine suggests their leadership remains convicted. The moment one of these firms starts selling, the market’s reaction will tell us everything about how much confidence remains in the corporate crypto treasury thesis.