BitMine nears $7B in unrealized losses as Ether downturn pressures treasury firms
Ether treasury firms are pressured by the crypto market downturn, as Trend Research was forced to sell $77 million in Ether at a loss, while others are holding through paper losses.
Corporate Ether treasury companies are facing significant paper losses on their holdings after the latest market correction pulled many underwater.
BitMine Immersion Technologies, the largest corporate Ether (ETH) holder, is sitting on $6.95 billion in unrealized losses. Its Ether holdings were acquired at an average price of $3,883 per token, significantly higher than the current $2,240 ETH price.
SharpLink Gaming, the second-largest Ether treasury firm, is facing $1.09 billion in paper losses, after Ether’s price fell below its average cost basis of $3,609, according to the company’s dashboard.