Корпорации Ethereum теряют миллиарды: Как обвала рынка коснулись крупнейшие DAT-компании Ethereum Corporations Lose Billions: How the Market Crash Affected Major DAT Firms

Corporate holders of Ethereum have encountered significant «paper» losses following a recent market correction. BitMine, the largest asset owner, has seen an unrealized loss of $6.95 billion in value.

The company acquired coins at an average price of $3,883, while the current rate has dropped to $2,240.

Investor Ross Gerber commented on the unrealized loss experienced by BitMine’s founder, Tom Lee, regarding Ethereum positions, describing it as potentially «the worst trade in history.»

SharpLink Gaming, the second-largest treasury firm, reported a decline of $1.09 billion, with its average entry price at $3,609.

The plummet in prices has impacted the mNAV ratio, with BitMine’s dropping to 1 and SharpLink’s to 0.92.

A figure below one complicates capital raising through stock issuance, restricting the companies’ ability to make new cryptocurrency purchases. According to Pantera Capital, this trend may lead to a «harsh cleansing» of the market for DAT companies by 2026.

This current downturn aligns with forecasts made by BitMine’s chairman, Tom Lee, who previously anticipated Ethereum would fall to $1,800 in the first quarter of 2026 before recovering by the year’s end.

Hong Kong’s Trend Research has already started to reduce its positions under market pressure. On February 2, the firm sold 33,589 ETH for a sum of $79 million, realizing a loss.

The funds obtained were used to repay a loan in USDT to Binance.

Trend Research founder Jack Yi admitted to making an error by opening a long position too early. He stated that the fund considered the asset undervalued at $3,000 when Bitcoin’s price was around $100,000.

Currently, the company holds 618,000 ETH with an unrealized loss exceeding $534 million. Yi expressed intentions to wait for market recovery while maintaining strict risk controls.

Strategy founder Michael Saylor announced the purchase of an additional 855 BTC for approximately $75.3 million at a rate of about $87,974.

As of February 1, 2026, the company’s balance sheet shows 713,502 BTC with an average purchase price of $76,052.

Japanese financial holding Nomura Holdings has revised its risk management strategy and reduced its presence in digital assets, according to Bloomberg. This adjustment was triggered by losses in its Swiss division, Laser Digital Holdings, amid market volatility in the October to December 2025 period.

Nomura’s Chief Financial Officer, Hiroyuki Moriuchi, confirmed the implementation of stricter position controls, necessary to reduce risks and stabilize income fluctuations linked to the cryptocurrency market.

According to reports, losses from digital asset operations negatively affected Nomura’s quarterly reporting. The holding’s net profit amounted to ¥91.6 billion ($591.6 million), falling short of analysts’ forecasts (¥95.1 billion). Meanwhile, the company’s core business displayed stable results.

Nomura’s shares on the Tokyo Stock Exchange reacted by dropping 6.7%, falling to ¥1,318. To support stock prices, the company announced a buyback of up to ¥600 billion ($38.7 billion), which represents about 3.2% of its total outstanding shares.

Despite a disappointing quarter, Nomura’s management reaffirmed its long-term interest in the digital asset industry, deeming it a promising growth area.

It’s worth noting that in November 2025, Bitwise’s investment director, Matt Hougan, pointed out the inefficiency of crypto treasuries.