Multiple ETH Treasury Companies Report Losses, BitMine's ETH Holdings Face $6.95 Billion Paper Loss

Odaily News According to reports, corporate Bitcoin and Ethereum treasuries are facing significant paper losses due to the downturn in the crypto market. BitMine, the company holding the largest amount of ETH, currently has an unrealized loss of $6.95 billion on its holdings. Its average purchase price was $3,883, while ETH's current price has fallen to $2,240. Additionally, SharpLink Gaming is facing a $1.09 billion paper loss.

Due to market pressure, some institutions have begun reducing their positions. Trend Research (0x4a2...b82) sold a total of 53,589 ETH today to repay debts, valued at approximately $123 million. Although the institution still holds 618,000 ETH, it has incurred over $534 million in unrealized losses. Jack Yi, founder of Trend Research, stated that previously believing ETH was undervalued and being prematurely bullish when it was at $3,000 was a wrong decision. Meanwhile, Nansen data shows that Smart Money addresses have bought $38.3 million worth of ETH against the market trend over the past week.