In less than six months, the largest corporate holder $BTC company Strategy of Michael Saylor has lost over $30 billion in unrealized profits. The drop in the Bitcoin price below $76,000 has led to the formation of unrealized losses. The same picture is observed with companies buying Ethereum - the largest holder of 'ether', the company Bitmine under the leadership of Tom Lee, is experiencing a loss exceeding $6.6 billion.

On the morning of February 2, the price of bitcoin dropped to $76,600, which is the lowest level since April 2025. The price has been declining for four consecutive months from a historical high in October of around $126,600. According to Binance, the rate $ETH fell to less than $2,160 — a continuous decline for Ethereum has lasted five months since September. The record high for ETH was recorded in August at nearly $4,960.

For Strategy, a history of deep drawdowns is not unique. The largest unrealized loss in percentage terms was observed at the end of 2022 when their drawdown exceeded 45% — in dollar terms, the loss amounted to less than $2 billion. At its peak in October, Strategy had an unrealized profit of over $31 billion.

As of February 2, Strategy holds 713,502 bitcoins (over 3% of the total issuance), for which the company has spent about $54.26 billion since 2020 at an average purchase price of about $76,052 per 1 BTC.

For Bitmine, this is the first such bear market, where the company lost over 30% of its capital value. Data from StrategicETHreserve showed that the balance of ETH companies has almost reached $15 billion. According to Dropstab, since July 2025, Bitmine has accumulated 4.24 million ETH, investing $15.65 billion, while the current asset valuation exceeded $9 billion.

Despite the months-long decline in the crypto market, both companies continue to aggressively accumulate cryptocurrencies. About a week ago, Strategy bought more than $264 million worth of bitcoin, and on February 2, another $75 million. In turn, Bitmain added nearly $100 million worth of Ethereum to its reserves in the past week. It buys Ethereum almost every week, having added about 370,000 ETH, or over $800 million at the rate on February 2, since mid-December.

The fall of Bitcoin below the company's average purchase price (about $76,000) technically translates the value of its reserves into a loss, but does not create financial stress. As Coindesk writes, all hundreds of thousands of bitcoins owned by Strategy are unencumbered, which limits risk, and the convertible debts of $8.2 billion have flexible repayment terms, which excludes forced asset sales in the near future.

Moreover, by the end of 2025, Strategy formed a dollar reserve to cover obligations to investors. According to representatives of the company itself, the accumulated reserve will allow Strategy not only to pay necessary debts but also to continue paying dividends for at least another 15 months after 2027.

The success of Strategy's strategy

Strategy's strategy, like that of Bitmine, involves purchasing cryptocurrency using borrowed funds — through the issuance of bonds and placement of shares. Strategy has become a kind of example for other similar companies, termed Digital Asset Treasury (DAT). The main volume of cryptocurrency was accumulated by DAT in 2025.

According to Bitcointreasuries as of February 2, the total volume of bitcoin on the balance sheets of such organizations amounted to $87.8 billion. And data from StrategicETHreserve showed that the balance of ETH companies has almost reached $15 billion. The decline in cryptocurrency prices in recent months has put DAT companies in a situation where attracting capital for additional purchases of crypto assets on the balance sheet is difficult. In particular, this is due to the fact that the crypto reserve of organizations is worth more than the capitalization of the companies themselves.

The negative dynamics in the crypto market have led to the fact that most companies like Strategy are now trading with a market capitalization below the value of their crypto assets (mNAV indicator close to 1 or lower). For example, the mNAV of Bitmine was slightly above 1, while that of Strategy was below 0.75.

Against the backdrop of falling prices, some companies began to sell off assets. Recently, at least two cases have become known where such projects started to liquidate their reserves: the company Sequans sold bitcoins worth nearly $100 million to pay off bonds, while ETHZilla sold Ethereum for $40 million to buy back shares.

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