The two largest corporate holders of Bitcoin and Ethereum are now sitting on more than $23 billion in combined unrealized losses, a stark reminder that the corporate treasury playbook for digital assets carries risk far beyond what most balance sheets are built to withstand. According to the original report, Strategy’s Bitcoin treasury is down roughly $12.8 billion from cost, while Bitmine’s Ethereum-focused reserves have slipped into a $10.3 billion hole. The numbers are large enough to force a conversation about what happens when leveraged bets on crypto turn against the companies that champion them.