Corporate Ether treasury companies are facing significant paper losses. BitMine Immersion Technologies holds $6.95 billion in unrealized losses, with an average Ether price of $3,883 per token. SharpLink Gaming faces $1.09 billion in losses, with an average cost basis of $3,609. The companies’ mNAV ratios have fallen, making it harder to raise funds.

Pantera Capital predicts a “brutal pruning” among crypto treasury firms in 2026. Despite concerns, Tom Lee, the chairman of BitMine, predicts an Ether drawdown to $1,800 in Q1 2026 before a market rally. Trend Research sold $79 million in Ether at a loss, borrowing $77.5 million from Binance to repay its loan.

Trend Research still holds 618,000 Ether worth $1.43 billion but faces a $534 million unrealized loss. Founder Jack Yi plans to await market recovery. Smart money traders are accumulating spot Ether tokens during the market downturn, with $38.3 million acquired in the past week. Whales and fresh wallets also buying.

Read more at Cointelegraph: BitMine $7B Paper Loss, Crypto Crash Pressures ETH Treasuries