The recent downturn in the cryptocurrency market has significantly impacted institutional investors, leading to a pronounced divergence in their profit and loss statements. According to Lookonchain data, three institutions holding substantial positions in Bitcoin, Ethereum, and Solana have seen vast differences of billions of dollars in their portfolios. Despite the depreciation in Bitcoin’s value, Strategy maintains a robust profit margin, while Bitmine and Forward Industries suffer substantial losses.
Resilient Bitcoin Holdings
According to the blockchain analysis platform Lookonchain, the institutional giant Strategy possesses 649,870 BTC. This entity acquired these assets at an average cost of $74,433, amounting to a total investment of $54.52 billion. Despite the market slump, Bitcoin’s current price persists above Strategy’s purchase average, and their portfolio enjoys a 12.72% profit margin, equating to approximately $6.15 billion. This scenario reaffirms Bitcoin’s relative strength as an asset for institutional investors over the long term, despite high market volatility.
Data reveals that, at the time of reporting, Bitcoin experienced a 10.44% drop in the past 24 hours, trading at $82,538. The value is currently only slightly over $8,000 higher than Strategy’s buying average.
Ethereum and Solana Struggle with Heavy Losses
Conversely, Bitmine invested $9.75 billion by acquiring 3,559,879 Ethereum (ETH) at an average price of $4,010. The drastic fall in Ethereum’s value led to their portfolio declining by $4.52 billion. The firm is now facing a significant loss of 31.67% in Ethereum.
On the other hand, Forward Industries purchased 6,834,506 Solana (SOL) at an average rate of $232.08. The current value of its holdings has plummeted to $874.8 million, resulting in a loss of $711 million, or 44.85%. Despite these losses, both institutions have not taken any selling actions, opting instead to maintain their long-term position protection strategies. Whether this approach will be sustained remains uncertain.