According to Artemis data published on February 28, 2026, Bitmine and Strategy companies, the world’s largest digital asset treasure, appear to have a total unrealized loss of 15.9 billion dollars. It is reported that this loss is calculated according to the purchasing costs of the organizations in question.
Biggest Losses in Bitmine and Strategy
The Unrealized P&L DATs chart announced by Artemis reveals how much profit or loss companies that hold digital assets on their balance sheets make in their positions. In the chart, companies are listed from highest to lowest throughout the year, and the two companies that made the most losses stand out. Bitmine tops the list with $8.4 billion, followed by Strategy with a loss of $7.5 billion. Although the rest of the list continues with names such as Twenty One Capital, Bitcoin Standard Treasury, Sharplink Gaming and Metaplanet, none of them come close to the level of these two companies.
Strategy and Bitmine’s Portfolio
Strategy draws attention with its mass Bitcoin purchases in recent years. It is known that the company has more than 499,000 Bitcoins. Most of the purchases coincide with different periods, especially the upward waves in 2024 and 2025. Since the price of Bitcoin is currently hovering around the $60,000 range, some of Strategy’s recent purchases are worth less than their cost. Bitmine’s loss is higher than Strategy, which shows that either the portfolio size or the average purchase price is quite high.
Neither company has yet sold the Bitcoins they own. Both have publicly stated that they follow long-term accumulation strategies and do not sell during temporary price declines. However, if mark-to-market accounting is applied on the balance sheet, these losses in market price create potential pressure on the companies’ balance sheet. However, these losses do not turn into cash losses unless sales are made.
Market Overview
Apart from Bitmine and Strategy, Artemis’s chart includes companies such as Metaplanet, The Ethereum Machine, Solana Company, Nakamoto Holdings, DeFi Development Corp and Hyperliquid Strategies. It is noteworthy that all companies included in the chart have unrealized losses in the last year. In the overall picture of the digital asset market, it appears that institutions collecting assets, especially at the peaks in 2024 and 2025, continue to remain below their costs at current price levels.
The fact that the highest losses were concentrated in the two largest companies, Bitmine and Strategy, shows that institutional Bitcoin reserves are concentrated in these organizations. Most of the losses are accumulated in these two actors.
Investor Pressure and Future Uncertainty
It is stated that this unrealized loss, which reached 15.9 billion dollars in total, is carefully monitored by the investors of the relevant companies. Strategy’s share price, in particular, has been known to trade at higher levels than its book value in the past. While this decline in Bitcoin price creates a contraction in the company’s net asset value, it increases the pressure on shareholders and raises new questions regarding its capital structure.
Whether these losses will occur or not depends on the possible recovery in Bitcoin price and corporate policy preferences. At this stage, the damages are still on paper.
