Ether Plumps Under Crushing Pressure: Unrealized Losses Surge to $7B in 2026

The recent slump in the crypto market has led to very difficult times for Ether treasury firms. These companies hold a lot of ETH, and as such, their balance sheets have been heavily affected by enormous unrealized losses.

Since the price of ETH dropped to less than $2,240, companies such as BitMine Immersion Technologies and SharpLink Gaming witnessed upward revisions of their paper losses, thus really putting their faith in the crypto market to the test.

Unrealized losses

BitMine, the leading corporate holder of ETH, is facing $6.95 billion in unrealized losses after the average purchase price of its Ether holdings was $3,883 per token. The second-biggest corporate ETH treasury, SharpLink Gaming, is also struggling with a huge $1.09 billion paper loss, which mounted after its average cost basis of $3,609 was exceeded by the drop in the price of Ether.

The companies’ continuously increasing losses might become a major impediment in their ability to raise funds, even as the price of ETH correction shrinks the Market Net Asset Value (MNAV).

Also Read: ETH Slides Below Key Support While $10K–$20K Targets Still Intact

Market Dynamics

The recent plunge in Ether’s price perfectly fits the storyline laid out by Tom Lee, chairman of BitMine, and co-founder of Fundstrat Global Advisors. He foresaw a 1Q2026 deep drawdown of Ether to about $1,800.

“Smart money” traders are stockpiling spot Ether tokens, with spot ETH tokens worth $38.3 million being obtained within the last week alone. On the other hand, companies such as Trend Research have had to sell their ETH at a loss, thus showing the risks and hurdles faced by crypto treasury firms.

Also Read: ETH Funding Rates Drop to FTX-Era Lows Amid $300 Billion Market Selloff

Negotiating the Crypto Market

Cryptocurrency has always been a game of ups and downs, and the teams behind the ETH treasury must be quite resourceful to get through it all. Different companies are operating differently, obviously, some taking advantage of the present market, while others are relying on making it through the day.

We still do not know the outcome of competition among these players, as it is an evolving market. For now, ETH treasury firms are waiting anxiously for the market to turn around fully and are finally hoping that their long-term faith will be rewarded. How these firms adjust to market changes will pretty much determine their future.

Also Read: Can ETH Bounce After a 12% Drop to $2,407?