BitMine unrealized losses of 3.7 billion USD, mNAV continuously shrinking threatens the DAT business model.

PANews, November 20 news, a research report released by 10x Research on Thursday shows that BitMine, the world's largest corporate Ethereum holder, is currently experiencing unrealized losses of $1,000 per Ether compared to its average cost, with total Ethereum holdings accumulating unrealized losses of $3.7 billion.

The report states that the net asset value (NAV) of corporate crypto treasury firms has declined, making it difficult to attract new retail investors, while many existing shareholders are effectively “locked in,” unless they sell at a significant loss. When the premium inevitably falls to zero, investors will find themselves trapped in this structure, unable to exit without incurring substantial losses. Unlike ETFs, digital asset treasury firms (DAT) “layer complex, opaque, and often hedge fund-like fee structures that quietly erode returns.” According to Bitminetracker data, BitMine's basic mNAV is 0.77, and the diluted mNAV is 0.92. BitMine holds approximately 3.56 million ETH, worth about 10.7 billion dollars, accounting for 2.94% of the total supply of Ethereum. The company's average cost basis is 4051 dollars per ETH.

The mNAV of other digital asset treasury companies has also significantly decreased, including Strategy, Bitmine, Metaplanet, Sharplink Gaming, Upexi, and DeFi Development Corp. (Cointelegraph)