Original｜Odaily Planet Daily (@OdailyChina)

Author｜Wenser (@wenser2010)

The market continues to decline, and both Strategy and Bitmine, known as the "DAT financial powerhouses," are facing massive unrealized losses.

This morning, BTC temporarily dropped below $62,000, currently reported at around $63,800; ETH fell below $1,800, currently reported at around $1,780. Based on current prices, Strategy's unrealized losses have reached a staggering $10 billion; Bitmine's unrealized losses have also reached around $9 billion. In a flash, Michael Saylor and Tom Lee are "both on the same sinking ship," and Strategy and Bitmine have become the top two “companies with the largest losses in DAT.”

However, compared to Strategy, which needs to continuously pay dividends, Bitmine faces less financial pressure and retains the flexibility of fundraising through STRC preferred shares. It is reported that Bitmine plans to raise $300 million through the issuance of perpetual preferred shares, with an annual dividend of 9.5%. From this perspective, Bitmine continues to increase its ETH holdings; while the sword of Damocles hanging over Strategy is — where will the funds for the subsequent payment of STRC dividends come from? Between the two, who is facing greater financial pressure? Odaily Planet Daily will analyze it for readers.

Bitmine VS Strategy: Completely Different Paths of DAT Token Holding

With today's plummet in BTC, community members used AI to humorously spoof Saylor "promoting" BTC: "A sixty-year-old man personally promoting, ancestral BTC prices as low as $62,000 each."

Returning to Bitmine and Strategy, currently, Bitmine's financial structure is safer; while Strategy's leverage pressure is greater.

Bitmine's Equity Issuance Game: Debt-Free Financing DAT Strategy

As of June 1, Bitmine holds 5,416,901 ETH; approximately 4.49% of ETH supply, close to the "5% upper limit" repeatedly emphasized by Bitmine's chairman Tom Lee. Yesterday, Bitmine once again increased holdings by 25,000 ETH through BitGo, then valued at $48 million, and now its total holdings have reached 5,441,901 ETH.

The reason why Bitmine has the confidence to continue increasing its holdings during the market decline is multifaceted. The main reason is that Bitmine's funding source is equity issuance:

• In June last year, when building the ETH capital pool for DAT, Bitmine raised initial startup funds of $250 million, along with small PIPE financing.
• After July last year, Bitmine primarily relied on ATM equity issuance, gradually increasing this number from $2 billion to $24.5 billion.

Abundant funds give Tom Lee enough confidence, and Bitmine's account funds also support further increases in holdings — Bitmine announced on June 1 that the value of its holdings in Beast Industries is $180 million; the value of its holdings in Eightco Holdings is $93 million. The company's total cash amount is $446 million.

In addition, Tom Lee has also publicly stated that Bitmine's Ethereum capital pool generates daily staking income of $1 million. This part refers to Bitmine staking approximately 87% (about 4.71 million ETH) of its ETH holdings through its MAVAN staking network, with an expected annual yield of about 2.73%-3% (approximately $250 million to $300 million), which can also provide relatively stable cash flow.

In summary, Bitmine's financial status is good; and the latest preferred share financing with an annual dividend of 9.5% is expected to raise $300 million more, further alleviating its financial pressure. For the company, the biggest risk lies in stock dilution (issuing new shares) and unrealized losses on the balance sheet leading to further declines in stock price; if mNVA continues to be <1, it may trigger stock sell-offs.

Strategy's Debt Leverage Game: Convertible Bonds and Preferred Share Dividend Pressure

Compared to Bitmine’s "using investor funds to buy ETH," Strategy faces greater financial pressure in buying BTC, as it mainly "increases holdings by borrowing money."

According to information on Strategy's official website, currently, Strategy holds approximately $6.7 billion in convertible bond debt, along with about $9.9 billion in STRC preferred shares and varying market values of STRD, STRK, STRF, requiring enormous annual dividends and interest payments. At the end of May, after repurchasing $1.5 billion in convertible debt, Strategy’s cash reserves fell to about $871 million, only sufficient to cover its estimated $1.7 billion annual preferred dividend obligation for about 6 months.

Moreover, Strategy previously initiated a vote to increase STRC dividend payments from once a month to twice a month, which began on April 28 and will conclude on June 8 at the meeting. If the proposal is approved, the first equity registration date under the new rhythm will be June 30, and the first dividend payment date will be July 15. Eligible voting shareholders (both MSTR and STRC shareholders) must hold shares by April 17.

Additionally, it is worth mentioning that the authorization for issuing STRC is approximately $28.3 billion. Due to the continuous decline of BTC and the impact on market confidence, this morning STRC dropped below $95, currently reported at $94.65, diverging more than 5% from the $100 target price.

Compared to Bitmine, Strategy currently faces the huge gap issue between the excessively high amount of preferred share financing and dividend payments due to the continued decline of BTC; and unlike ETH, which has staking rewards, there’s no staking ecosystem available for BTC to gain more liquidity.

Therefore, after Strategy sold 32 BTC last month, the market began to question the identity of “diamond hands Strategy, which only buys and never sells.” During the continuous decline of BTC, Strategy may face a series of liquidity crises and subsequently be unable to service debts or pay dividends, leading to another round of BTC sell-offs. Essentially, Strategy is playing a "high-leverage bet that the BTC price won't drop to a certain level" debt leverage game.

Consequently, combined with Strategy's current mNAV value of 0.83, the market remains highly skeptical about its subsequent stock price performance. Yesterday, its market capitalization fell out of the top 200 U.S. companies. Currently, Strategy (MSTR) is temporarily reported at a stock price of $126, with a 24-hour decline of 7%; the market capitalization is currently reported at $44.6 billion.

Of course, as a leader in the DAT capital pool companies, Tom Lee of Bitmine still holds a favorable view of Strategy, previously stating: "Strategy selling Bitcoin and ETF outflows is a typical behavior of building a bottom, not a risk signal." And at the recent "Proof of Talk 2026" conference at the Louvre in Paris, Tom Lee boldly declared: "With AI and tokenization driving significant changes in financial infrastructure, ETH may eventually reach $250,000." However, when mentioning the "behavior of Bitmine increasing its ETH holdings after reaching 5% of the total," he also expressed caution regarding increasing ETH holdings. (See "Tom Lee Recharges Faith: Crypto Spring Has Arrived, ETH Will Rise to $250,000")

Currently, it seems that Bitmine and Strategy's market situations are highly similar, but with slightly better financial conditions; Strategy is faced with the choice of “selling more BTC for cash flow to pay dividends” versus “watching BTC continue to decline while continuing to increase debt holdings or remaining inactive.”

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