Analysis: BitMine's $3.7 billion unrealized loss and its shrinking mNAV are threatening DAT's business model.

PANews reported on November 20th that, according to a Cointelegraph report, a research report released by 10x Research on Thursday shows that BitMine, the world's largest corporate Ethereum holder, is currently losing $1,000 per Ethereum relative to its average cost, with its total Ethereum holdings accumulating a floating loss of $3.7 billion. The report states that the declining net asset value (NAV) of corporate crypto treasuries makes it difficult to attract new retail investors, while many existing shareholders are effectively "trapped" unless they sell at a significantly lower price. When the premium inevitably falls to zero, investors find themselves trapped in this structure, unable to exit without suffering substantial losses. Unlike ETFs, digital asset treasuries (DATs) "are layered with complex, opaque, and often hedge fund-like fee structures that subtly erode returns."

According to Bitminetracker data, BitMine's base mNAV is 0.77, and its diluted mNAV is 0.92. BitMine holds approximately 3.56 million ETH, worth about $10.7 billion, representing 2.94% of the total Ethereum supply. The company's average cost basis is $4,051 per ETH. Other digital asset treasury companies have also seen significant declines in mNAV, including Strategy, Bitmine, Metaplanet, Sharplink Gaming, Upexi, and DeFi Development Corp.