Around June 29, 2026, the market suddenly realized that two companies, once seen as "on-chain central banks," were both sitting on significant paper losses. On the Bitcoin side, Strategy (MSTR) held approximately 847,363 BTC, with a market value of about $50.842 billion at the current price, yet it already faced a paper loss of about $13.262 billion, a loss margin of approximately 20.7%; on the Ethereum side, BitMine was under the same level of pressure with around $10.397 billion in paper losses. While many waited to see Strategy's usual "buy the dip" move, the company took a noticeable step back last week for the first time—no additional BTC was purchased; instead, it introduced a plan to potentially sell up to $1.25 billion worth of BTC and simultaneously launched the Digital Credit Capital Framework, creating a future channel for "selling coins—raising dollars—paying interest/repurchasing securities," publicly planning to use potential sale proceeds to replenish dollar cash reserves, pay related amounts for products like Stretch (STRC), and repurchase common stock and other securities. In stark contrast, BitMine, in the face of explosive losses, still chose to buy in about $44.63 million worth of ETH, actively pushing risk further, while also giving a positive assessment of Strategy's new framework, claiming it would help consolidate the structural relationship between the capital market and Bitcoin, and enhance external confidence in its strategy. Thus, the story shifted from "who is more willing to lose" to "who can withstand the dollar cash flow," as market attention began to focus on Strategy's future interest payments and the safety margin of its dollar reserves, ultimately determining whether that $1.25 billion BTC was merely a bottom-line firewall or the beginning of actual losses turning from paper to reality.

20.7% Paper Loss Presses Down: Strategy Forced to Yield

Since its complete transformation into a "Bitcoin treasury company" in 2020, Strategy has been accelerating relentlessly. When prices rise, it buys; when prices fall, it still buys, ultimately accumulating around 847,363 BTC over the years, making it the largest holder of cryptocurrencies among public companies. At an average cost of about $75,651 per coin, this was a long-term bet amounting to hundreds of billions of dollars, with Strategy's balance sheet firmly locked by this "digital stone," and almost all narratives revolve around one premise: as long as it continues to hoard, and as long as the cycle eventually goes up, the numbers will return to positive.

However, by late June 2026, this premise began to feel heavy. At the current market price, the market value of Strategy's BTC holdings was about $50.842 billion, resulting in about $13.262 billion in paper losses, corresponding to a loss margin of about 20.7%. This means that each BTC is burdened with nearly a quarter of a loss; the balance sheet prominently displays a two-digit percentage in red, making it no surprise that the market began to assess the company in terms of "how long can the dollar cash flow sustain." Against this backdrop, Strategy notably recorded no new BTC purchases in the past week; this externally disclosed "zero" was quickly interpreted as a signal of the shift from aggressive hoarding to a temporary watchful stance—not because it suddenly lost faith in Bitcoin, but because the 20.7% paper loss had compelled it to pause the buy button and reassess its capacity to withstand losses.

Sale Proposal Emerges: Strategy Builds a Digital Credit Bridge

At the same time it pressed the "buy" button, Strategy quietly began constructing a "digital credit bridge." In late June, the board approved a plan to sell up to $1.25 billion worth of BTC under certain conditions; at the same time, the company officially launched the Digital Credit Capital Framework: incorporating the Bitcoin positions previously deemed "never to be touched" into a mechanism that could be converted into dollar liquidity at any time. According to public statements, these potential sale proceeds were earmarked for specific uses—replenishing dollar cash reserves, paying amounts related to products like Stretch (STRC), and even repurchasing common stock, replacing the once rigid narrative of "hoarding coins" with a capital toolbox that could switch between assets and liabilities.

Amidst the simultaneous expansion of paper losses and interest pressures, this framework was immediately interpreted by the market as a response to doubts about "whether there are enough dollar reserves to pay interest." Supporters believe that Strategy has finally transformed its Bitcoin positions from symbolic assets into a collateral pool capable of backing interest, product investments, and shareholder returns, marking an active reshaping of the risk buffer. Skeptics, however, see another side: when the company needs to pre-specify "how much BTC can be sold and for what payment," it implies that cash flow flexibility no longer allows it to continue discussing long-term faith while avoiding short-term payments. Whether this is a proactive defense line pre-established by Strategy or a passive safety valve forced open will ultimately be reflected in how it actually utilizes that $1.25 billion quota, both in timing and method.

Despite Similar Huge Losses, BitMine Invests $44.63 Million

As Strategy raised its defense line and incorporated the clause allowing for "potential sale of up to $1.25 billion BTC" into its documents, the typical treasury company on the other side chose to double down. BitMine is viewed by the market as the "control group" for Ethereum against Strategy, with its core asset being ETH, and it similarly endured the backlash of a prolonged downward cycle—currently, its treasury position built around Ethereum has recorded about $10.397 billion in paper losses. This means, like Strategy, it stands in front of a double-digit billion dollar-level loss, yet it made a completely different choice at this critical juncture.

Around June 29, 2026, BitMine publicly disclosed the purchase of about $44.63 million worth of ETH again, neither waiting for the paper losses to shrink nor designing a "how much ETH can be sold" emergency framework; instead, it continued to increase its position even as the loss figure already looked glaring. More subtly, it acknowledged that the Digital Credit Capital Framework launched by Strategy helps consolidate the structural relationship between the capital market and Bitcoin while simultaneously betting real money on the next cycle of Ethereum: both facing significant paper losses, Strategy chooses to tighten defense and pre-set selling channels, while BitMine opts for aggression, using its new wager to validate its judgment of the cycle. This dynamic between tightening and loosening reveals the fundamentally different risk preferences and time scales of the two companies.

Panic or Maturity? How the Market Interprets Two Signals

Between Strategy's sale proposal and the Digital Credit Capital Framework, the market initially saw not "innovation" but a "gap." Reports repeatedly asked a simple question: Is there enough dollar liquidity to pay interest? Once the answer was doubted, the board-approved "up to $1.25 billion BTC sale quota" was interpreted as a tight exit reserved for payments and cash flow defenses rather than a simple asset reallocation. Even though the official plan mentions uses such as "replenishing dollar reserves, paying amounts related to Stretch (STRC), repurchasing common stock," many investors still associate this with the interest burden—selling coins became a defensive option instead of an offensive chip.

However, the same arrangement told a different story in BitMine's eyes. BitMine publicly stated that the Digital Credit Capital Framework solidified the structural relationship between the capital market and Bitcoin, contributing to enhancing investor confidence in Strategy’s strategy. Under this interpretation, Strategy is not passively "forced to sell coins," but is integrating more complex credit and equity tools to embed Bitcoin into cash flow management and shareholder return systems: setting pre-specified selling channels and retaining repurchase options for common stock are viewed as mature attempts for corporate treasury to shift from "one-way bets on price" to "managing volatility and capital costs." From an investor sentiment perspective, in contrast to BitMine's continued buying of ETH amidst multi-billion dollar losses to strengthen the long-term narrative of Ethereum, Strategy's contraction and framework design objectively pushed the Bitcoin narrative toward "financial infrastructure" and "asset-liability anchors," deepening the imagination of debt repayment pressures while leaving room for "more sustainable holding methods."

The Next Act of Treasury Betting: Digital Credit and Price Cycles

Strategy and BitMine provided starkly different treasury paths at the same price range and with comparable multi-billion dollar paper losses: the former paused buying under about $13.262 billion in losses, approved a potential sale of up to $1.25 billion BTC, and incorporated BTC pledges, cash management, and common stock repurchases into the same framework via the Digital Credit Capital Framework; the latter, meanwhile, continued to buy about $44.63 million in ETH against the tide under approximately $10.397 billion in losses, using increased positions to bolster the "long-term Ethereum asset" narrative. The two companies stand at opposite ends of Bitcoin and Ethereum, respectively, positioning their corporate perceptions of the cryptocurrency price cycle front and center: whether to accept that assets can be pledged and liquidated in batches, designing digital credit structures around dollar cash flow and interest burdens, or to endure volatility as long as possible, betting on the next round of valuation recovery. As discussions around Strategy have shifted from a singular focus on price fluctuations to examining whether its dollar reserves can cover interest payments and whether it needs to utilize BTC sales and the digital credit framework, more publicly-listed companies facing significant unrealized gains or losses in the future may no longer simply replicate "unlimited hoarding" or "liquidation stop-loss," but instead follow Strategy's lead, integrating BTC or ETH into a pledge system that allows for selling and lending, searching for dynamic balance between dollar reserve safety margins, digital asset pledge ratios, interest repayment pressures, and price volatility; these variables will determine whether corporate treasury betting in the next cycle turns into a finely-tuned financial engineering game or devolves into another gamble on a singular price path.

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