As the cryptocurrency market downturn persists, companies holding Ethereum (ETH) are posting heavy losses, Cointelegraph reported on Sunday.
BitMine Immersion Technologies has an unrealised loss of $6.95 billion. The loss follows a plunge in the price to $2,240 from an average purchase price of $3,883. SharpLink Gaming is also reporting a loss of $1.09 billion. SharpLink's average purchase price for Ethereum was $3,609.
The losses are making it harder for cryptocurrency companies to raise funds. BitMine's market net asset value (mNAV) has fallen to 1, while SharpLink posted 0.92. When mNAV falls to 1 or below, it becomes difficult for companies to raise funds by issuing shares, which in turn limits additional cryptocurrency purchases.
Crypto asset manager Pantera Capital expects a large-scale shakeout in 2026 and said only companies with strong capital will survive.
Chi-gyu Hwang
delight@d-today.co.kr