Bitmine, Strategy Holdings Down $16.5B Amid Crypto Weakness 

• Bitmine is down $8.9 billion on 5,416,901 ETH after a reported $3,500 cost basis.
• Strategy is down $7.6 billion on 843,706 BTC with a $75,699 reported cost basis.
• Julian said the crypto pullback likely reflects multiple market pressures, not a single cause.

Two of crypto’s biggest balance-sheet bets are now showing heavy paper losses after a sharp market pullback hit major digital assets.

Lookonchain data posted on June 3 showed Tom Lee’s Bitmine was down $8.9 billion, with 5,416,901 ETH, a position valued at $10.03 billion. The same update showed Michael Saylor’s Strategy down $7.6 billion, with 843,706 BTC valued at $56.26 billion.

Two Giant Positions Show $16.5B In Combined Paper Losses

The figures put the two treasury positions deep underwater at the same time, with combined reported losses of $16.5 billion. Per the report, Bitmine’s reported cost…

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