Key Takeaways
- The price of ETH fell below $3,000 for the first time since July on Monday, Nov. 17.
- 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.
For a crop of Ethereum treasury companies that emerged in 2025, the latest market downturn has left them sitting on millions of dollars in unrealized losses.
Amid fears that the digital asset treasury bubble is bursting, as of Nov. 18, at least eight firms were in the red.
As the price of ETH fell below $3,000, even sector leaders Bitmine and SharpLink have seen their gains evaporate.
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 $12.4 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 $3,120 per token, while SharpLink paid $3,609 per unit.
Other Ethereum treasury companies are even deeper in the red.
As of Tuesday morning, at least eight publicly-listed firms held ETH that was worth less than what they paid for it.
ETH-Treasury Firms Underwater
| Company |
ETH Held |
Total Cost (USD) |
Avg Price per ETH (USD) |
| The Ether Machine |
495,362 ETH |
2,160,000,000 |
4,360 |
| BitMine Immersion |
3,559,879 ETH |
11,106,822,480 |
3,120.00 |
| SharpLink |
859,853 ETH |
3,103,209,477 |
3,609.00 |
| Fundamental Global |
47,331 ETH |
200,134,400 |
4,228.40 |
| Galaxy Digital |
29,200 ETH |
117,203,000 |
4,013.80 |
| Gemini Space Station |
11,134 ETH |
46,347,000 |
4,162.65 |
| Quantum Solutions |
4,668 ETH |
18,989,820 |
4,068.08 |
| Def Consulting |
4,571 ETH |
20,591,621 |
4,504.84 |
*Data sourced from GoinGecko and company announcements.
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.
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, disclosing the acquisition of an additional 54,000 ETH on Nov. 17.
Sharplink has also continued to stock up amid the market downturn, with a steady stream of small purchases, data from Arkham Intelligence shows.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
