Jeni reports: According to @lookonchain's stats, among the current mainstream crypto treasuries, all institutions are in a loss except for @MicroStrategy: MicroStrategy holds 649,870 BTC, with unrealized gains of $6.15 billion; Bitmine's 3.55 million ETH has unrealized losses of $4.52 billion; Forward Industries' 6.83 million SOL has unrealized losses of $711 million. During the last bear market, MicroStrategy was also stuck for a while. Is loss an inevitable path for all crypto treasuries? Wonder how many of these institutions will still be around in the next bull market?