Ethereum Treasuries Bitmine and Sharplink in the Red as ETH Falls Below $3,500

Core Insights - Ethereum treasury firms are facing significant unrealized losses as the price of ETH fell below $3,500 for the first time since August 2023 [1][7] - Bitmine and Sharplink, which control the largest Ethereum treasuries, are particularly affected, with average purchase prices significantly above current market value [2][6] Group 1: Unrealized Losses - Bitmine and Sharplink hold a combined total of 4,172,922 ETH, valued at over $14.5 billion, but are experiencing millions in unrealized losses [2] - Bitmine's average purchase price for ETH is $4,037, while Sharplink's is $3,609, both above the current market price [2][6] - Other firms like Fundamental Global, The Ether Machine, and Quantum Solutions also report significant unrealized losses, with average purchase prices of $4,228, $3,788, and $4,069 respectively [4][7] Group 2: Market Strategy - Despite the losses, Ethereum treasury companies are adopting a "buying the dip" strategy, continuing to invest in ETH [6] - Bitmine recently purchased $300 million worth of ETH, indicating a commitment to its investment strategy despite current market conditions [6] - Sharplink has also been making small purchases during the market downturn, reflecting a similar approach [6]