Crypto Whales Diverge: Strategy’s BTC Surges While Bitmine, Forward Industries Bleed

Since crypto markets fell once more this week, new data at Lookonchain showed that the performance of the leading three DAT companies that hold BTC, ETH, and SOL showed a sharp difference. Most institutional portfolios had moved to deep negative positions, whereas Strategy, the biggest Bitcoin buyer in the group, was the only entity ending up with large unrealized returns.

As the market dropped:

Strategy's 649,870 $BTC($54.52B) bought at $74,433 avg is now sitting on $6.15B(+12.72%) in unrealized profit.

Bitmine's 3,559,879 $ETH($9.75B) bought at ~$4,010 avg is now at an unrealized loss of -$4.52B(-31.67%).

Forward Industries' 6,834,506… pic.twitter.com/i2dRHxkrea

— Lookonchain (@lookonchain) November 21, 2025

Strategy owns 649,870 BTC, which it acquired at an average price of $74,433 and is worth a total of 54.52 billion. The company is still profitable even after the correction of the crypto market. According to Lookonchain, Strategy is currently up at +12.72% unrealized with a gain of $6.15 billion.

This stability means that Bitcoin is relatively strong relative to the overall altcoin market, even in volatile times.

Bitmine’s ETH Position Deep in Negative Territory

On the one hand, the Bitcoin bet of Strategy is still green, whereas on the other hand, Bitmine ethereum takes a hard hit. The company has 3,559,879 ETH valued at an amount of $9.75 billion, and it was bought at an average price of approximately $4,010. 

Since ETH is currently trading much lower than that, Bitmine currently has an unrealized loss of $452 billion or -31.67%.

The weakness in the macro environment, the waning activity in the Ethereum network, and the shift of investors to more robust investments have contributed to its current downturn. The losses incurred by Bitmine are the reflection of the rapid decay of the large-scale institutional altcoin positions in the face of the changing market state.

Forward Industries Hit Hardest With Massive SOL Drawdown

The most affected of the three seems to be Forward Industries which has a heavy presence in Solana. The company has 6,834,506 SOL worth $874.8 million and purchased at an average price of $232.08. In the present condition, the position is reported to be sitting on an unrealized loss of $711 million, which is an incredible -44.85 percent decline.

Solana is doing better than most major cryptos in the past year, but the recent drop in the market has pushed prices significantly below levels of institutional entrants. In the case of Forward Industries, the high average cost increases the pressure of a downside, making the company the lowest of the top ten in profitability in the ranking of DAT.

Diverging Outcomes Reflect Crypto Market’s Uneven Pressure

The position of the three companies in opposition highlights the imbalanced state of the existing market recession. The rigorous piling up of strategy in previous crypto cycles provided a cushion to strategy whereas Bitmine and Forward industries joined the crypto market at a later stage and they were susceptible to rapid drawdowns.

As market turbulence persists throughout the crypto market, institutional investors are keen to see whether the slump has bottomed out, or will go further. In the meantime Strategy is still very much of profit, and Bitmine and Forward Industries are awaiting a possible recovery to relieve their accumulating unrealized losses.