{"id":91242,"date":"2025-11-20T16:26:33","date_gmt":"2025-11-20T13:26:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=91242"},"modified":"2025-11-20T16:30:17","modified_gmt":"2025-11-20T13:30:17","slug":"bitmine-faces-1000-loss-per-eth-due-to-blackrocks-plans","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitmine-faces-1000-loss-per-eth-due-to-blackrocks-plans\/","title":{"rendered":"BitMine Faces $1000 Loss per ETH Due to BlackRock&#8217;s Plans"},"content":{"rendered":"<p>The launch of an <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETF<\/a> based on Ethereum with a <a href=\"https:\/\/forklog.com\/en\/news\/what-is-staking-and-how-to-make-money-from-it\">staking<\/a> feature by BlackRock threatens the business model of corporate cryptocurrency holders, according to a report by <a href=\"https:\/\/update.10xresearch.com\/p\/is-tom-lee-s-bitmine-team-really-collecting-157-million-a-year\">10x Research<\/a>.<\/p>\n<p>Companies like BitMine Immersion Technologies are particularly vulnerable. Analysts report that the firm is facing an unrealized loss of $3.7 billion, losing $1000 on each purchased ETH.<\/p>\n<p>Markus Thielen, founder of 10x Research, <a href=\"https:\/\/www.linkedin.com\/posts\/markus-thielen-513a35_bitcoin-ethereum-activity-7397180947315552257-HAf_\/\">compared<\/a> the situation to the Hotel California. Investors cannot exit such structures without significant losses.<\/p>\n<p>He notes that unlike ETFs, companies holding digital assets use &#8220;complex, opaque, and often hedge fund-like fee structures that can quietly erode returns.&#8221;<\/p>\n<p>The situation for companies is further complicated by the <span data-descr=\"the ratio of a company's market capitalization to the value of its cryptocurrency assets\" class=\"old_tooltip\">mNAV<\/span> ratio\u2014if it is below 1, raising funds to purchase new coins becomes difficult. For BitMine, this figure stands at 0.77.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"408\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-35a7304f7faadec2-10037751990506931-1024x408.png\" alt=\"Screenshot 2025-11-20 153826\" class=\"wp-image-270134\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-35a7304f7faadec2-10037751990506931-1024x408.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-35a7304f7faadec2-10037751990506931-300x119.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-35a7304f7faadec2-10037751990506931-768x306.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-35a7304f7faadec2-10037751990506931.png 1218w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.bitminetracker.io\/\">Bitminetracker<\/a>.<\/figcaption><\/figure>\n<p>BlackRock&#8217;s offering could become a low-cost income tool for investors. Unlike corporate holders, the ETF structure is more transparent.<\/p>\n<p>Analysts at 10x Research believe investors might start shifting capital to BlackRock&#8217;s ETH-ETF. Its management fee will be 0.25%, significantly lower than the hidden costs in existing structures.<\/p>\n<p>In September, companies REX Shares and Osprey Funds <a href=\"https:\/\/forklog.com\/en\/news\/americas-first-ethereum-etf-with-staking-launches\">announced<\/a> the launch of an Ethereum-ETF with a staking feature in the US.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The launch of an Ethereum-based ETF with a staking feature by BlackRock threatens the business model of corporate cryptocurrency holders, according to a report by 10x Research.<\/p>\n","protected":false},"author":1,"featured_media":91243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"BlackRock's Ethereum ETF threatens corporate crypto holders, says 10x Research.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[865,1289,569,46],"class_list":["post-91242","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blackrock","tag-cryptocurrency-staking","tag-etf","tag-ethereum"],"aioseo_notices":[],"amp_enabled":true,"views":"349","promo_type":"1","layout_type":"1","short_excerpt":"BlackRock's Ethereum ETF threatens corporate crypto holders, says 10x Research.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=91242"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91242\/revisions"}],"predecessor-version":[{"id":91244,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/91242\/revisions\/91244"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/91243"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=91242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=91242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=91242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}