Strategy and Bitmine Immersion Technologies Tumble 6%: Is the Crypto Treasury Trade Running Out of Steam?

Quick Read Strategy (MSTR) holds 713,502 BTC, the world’s largest corporate Bitcoin (BTC) position, and has accumulated $25.3B in capital during 2025 but faces a $12.44B net loss driven by $17.44B in unrealized digital asset losses. Bitmine Immersion Technologies (BMNR) controls the world’s largest …