Crypto sell-off drags Strategy and BitMine stocks; BitMine faces ~$3.8B unrealized loss

Crypto market capitalization fell 6% over the past 24 hours, dragging down crypto-heavy treasury firms including Strategy (formerly MicroStrategy) and BitMine, BeInCrypto reported. Bitcoin fell 6.7% and Ethereum 7.6%, with both sliding to two-month lows in early Asian trading on Binance.

Shares of Strategy dropped sharply, with Google Finance data showing the stock fell 9.63% to close at $143.19 on Thursday, its lowest level since September 2024; MSTR slipped a further 0.13% in after-hours trading. Economist Peter Schiff commented that the stock is almost 70% down from its peak, writing that 'Saylor spent $54 billion over the past five years buying over 712K bitcoin at an average price of just over $76K.

His total unrealized gain is less than 11%.' Strategy disclosed on January 26 that it bought $264.1 million worth of BTC at an average $90,061 per coin, its fourth major purchase this month, bringing total holdings to 712,647 BTC, now worth about $59.1 billion. BeInCrypto noted that the firm's market net asset value multiple has slipped below 1.0x, bitcoin-per-share accretion is nearing zero, shareholder dilution is increasing, and reliance on capital markets is deepening.

BitMine also posted steep losses: its BMNR stock closed at $26.70, down 9.89%, the lowest since November 2025, according to Google Finance.

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