Key Takeaways
-
The price of ETH fell below $3,500 for the first time since August on Tuesday, Nov. 4.
-
Ethereum treasury companies, including Bitmine and Sharplink, are now sitting on unrealized losses.
-
Other firms that are in the red include Fundamental Global, The Ether Machine, and Quantum Solutions.
The various Ethereum treasury companies that have emerged in 2025 face their first test as the price of ETH fell below $3,500 on Tuesday, Nov. 4.
Among the firms that disclose the average price at which they purchased ETH, Bitmine and Sharplink were sitting on millions of dollars in unrealized losses Tuesday morning.
Bitmine and Sharplink Incur Unrealized Losses
Ranked by total crypto holdings, Bitmine and Sharplink control the world's largest Ethereum treasuries , with 4,172,922 ETH worth over $14.5 billion between them.
Both firms embarked on an investment spree in recent months, hiking the cost basis of their treasury assets above their current market value.
On average, Bitmine paid $4,037 per token, while Sharplink paid $3,609 per unit.
Moreover, with a bearish mood hanging in the air, many of their peers could also be in trouble.
Are Other ETH-Treasury Firms Underwater?
A survey of companies with the largest Ethereum treasuries reveals that many of them racked up significant acquisitions in recent months.
With an average purchase price of $4,228, according to CoinGecko data, Fundamental Global is among the deepest underwater.
The Ether Machine (Average purchase price: $3,788) and Quantum Solutions ($4,069) are also in the red.
Meanwhile, companies like Bit Digital and GameSquare, which secured tokens below $3,000 on average, have more room to breathe.
Buying the Dip
While unrealized losses are hardly something to celebrate, Ethereum treasury companies are sticking to the popular crypto investment strategy and buying the dip.
For instance, despite sitting on paper losses, Bitmine has recently doubled down on its Ethereum strategy.
In the week starting Nov. 3, the firm purchased ETH worth $300 million, Arkham Intelligence data shows.
Sharplink has also continued to stock up amid the market downturn, with a steady stream of small purchases.
The post Ethereum Treasuries Bitmine and Sharplink in the Red as ETH Falls Below $3,500 appeared first on ccn.com .
