Strategy Bitcoin Gains $192M as BitMine's ETH Loss Tops $5.8B
Strategy, a business intelligence firm turned Bitcoin treasury company, has finally recovered its losses on its massive Bitcoin holdings. The rebound comes after months of holding a stack that had briefly slipped underwater, but now sits above its average purchase price and is sitting on approximately $192 million in unrealized gains.
The recovery stands in sharp contrast to what's happening across the aisle at BitMine, whose massive Ethereum position remains deep in the red even as crypto markets broadly rally. Despite the same wave of crypto market strength lifting Bitcoin-exposed stocks, Ether's price has not climbed high enough to erase the gap between BitMine's purchase price and where the token trades today.
Strategy holds 840,447 BTC at an average cost of $75,385 per coin, while BitMine holds 5,815,164 ETH at an average cost of $3,366 per token. With Ethereum currently priced at $2,370, BitMine's unrealized loss has swelled to approximately $5.792 billion.
The diverging fortunes highlight how sensitive corporate crypto treasuries are to entry price and timing. Strategy accumulated Bitcoin gradually over a longer stretch, which helped keep its average cost lower relative to today's price. In contrast, BitMine's Ethereum purchases were concentrated at a higher average cost of $3,366, leaving the company needing a much larger rally in Ether just to break even.