{"id":93837,"date":"2026-02-02T18:05:08","date_gmt":"2026-02-02T15:05:08","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=93837"},"modified":"2026-02-02T18:11:43","modified_gmt":"2026-02-02T15:11:43","slug":"dat-firms-rack-up-billions-in-paper-losses","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dat-firms-rack-up-billions-in-paper-losses\/","title":{"rendered":"DAT firms rack up billions in paper losses"},"content":{"rendered":"<p>Corporate holders of Ethereum have incurred hefty paper losses after the market correction. The largest holder, BitMine, has <a href=\"https:\/\/www.bitminetracker.io\/\">lost<\/a> $6.95bn in unrealised value.<\/p>\n<p>The firm bought coins at an average of $3,883, while the price has slipped to $2,240.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"415\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-460d1c06b0de521e-5260729625882013-1024x415.png\" alt=\"\u0421\u043d\u0438\u043c\u043e\u043a \u044d\u043a\u0440\u0430\u043d\u0430 2026-02-02 173113\" class=\"wp-image-274469\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-460d1c06b0de521e-5260729625882013-1024x415.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-460d1c06b0de521e-5260729625882013-300x122.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-460d1c06b0de521e-5260729625882013-768x311.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-460d1c06b0de521e-5260729625882013.png 1229w\" 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>Investor Ross Gerber commented on BitMine founder Tom Lee\u2019s unrealised loss on Ethereum positions, calling it potentially \u201cthe worst trade ever\u201d.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Could be close to the worst trade ever\u2026 we shall see. <a href=\"https:\/\/t.co\/FeOmKJLGHc\">https:\/\/t.co\/FeOmKJLGHc<\/a><\/p>\n<p>\u2014 Ross Gerber (@GerberKawasaki) <a href=\"https:\/\/twitter.com\/GerberKawasaki\/status\/2017966821937451320?ref_src=twsrc%5Etfw\">February 1, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The second-largest treasury holder, SharpLink Gaming, has seen a $1.09bn drawdown. Its average entry price was $3,609.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-3d06cad15df3a8b5-5260769241407902.webp\" alt=\"\u0421\u043d\u0438\u043c\u043e\u043a \u044d\u043a\u0440\u0430\u043d\u0430 2026-02-02 173338\" class=\"wp-image-274470\"\/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/www.sharplink.com\/eth-dashboard\">SharpLink dashboard<\/a>.<\/figcaption><\/figure>\n<p>The drop in prices has hit the <span data-descr=\"the multiple reflects the ratio of a firm's market value to its crypto reserves\" class=\"old_tooltip\">mNAV<\/span> multiple. BitMine\u2019s fell to 1; SharpLink\u2019s to 0.92.\u00a0<\/p>\n<p>A reading below one complicates raising capital via equity issuance. That limits companies\u2019 ability to buy more cryptocurrency. At Pantera Capital they <a href=\"https:\/\/forklog.com\/en\/news\/pantera-capital-predicts-collapse-of-small-crypto-treasuries\">believe<\/a> this dynamic will lead to a \u201cbrutal shakeout\u201d of <span data-descr=\"a company with cryptoassets on its balance sheet\" class=\"old_tooltip\">DAT<\/span> companies in 2026.<\/p>\n<p>The current slump aligns with a forecast from BitMine chairman Tom Lee. He had expected Ethereum to fall to $1,800 in the first quarter of 2026, followed by a recovery by year-end.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">After aggressively calling $7,500, Tom Lee is now targeting $1,800.<\/p>\n<p>This is why retail gets rekt.<a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> <a href=\"https:\/\/t.co\/9HVD1s2emK\">https:\/\/t.co\/9HVD1s2emK<\/a> <a href=\"https:\/\/t.co\/dJEHya8Yro\">pic.twitter.com\/dJEHya8Yro<\/a><\/p>\n<p>\u2014 Alejandro\u20bfTC (@Alejandro_XBT) <a href=\"https:\/\/twitter.com\/Alejandro_XBT\/status\/2002777324488679854?ref_src=twsrc%5Etfw\">December 21, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Hong Kong\u2019s Trend Research has already begun trimming positions under market pressure. On February 2, the firm sold 33,589 ETH for $79m, realising a loss.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"zh\" dir=\"ltr\">Trend Research \u5df2\u6b62\u635f\u5356\u51fa 33,589 \u679a ETH ($7912 \u4e07)\uff0c\u7136\u540e\u4ece Binance \u63d0\u56de 7752 \u4e07 USDT \u8fd8\u6b3e\u3002<br \/>\u628a\u4ed6\u4eec\u7684 ETH \u501f\u8d37\u4ed3\u4f4d\u6e05\u7b97\u4ef7\u4ece $1,880 \u964d\u5230\u4e86\u73b0\u5728\u7684 $1,830 \u9644\u8fd1\u3002<\/p>\n<p>\u25ce\u73b0\u5728\u8fd8\u6301\u4ed3\uff1a61.8 \u4e07\u679a ETH ($14.3 \u4ebf)\uff0c\u6210\u672c\u5747\u4ef7 $3,180\u3002<br \/>\u25ce\u4e8f\u635f\uff1a$5.62 \u4ebf (\u5df2\u5b9e\u73b0\u4e8f\u635f $2771 \u4e07+\u672a\u5b9e\u73b0\u4e8f\u635f $5.34 \u4ebf)\u2026 <a href=\"https:\/\/t.co\/9o7j6azLGP\">https:\/\/t.co\/9o7j6azLGP<\/a> <a href=\"https:\/\/t.co\/XcgvgMiR6W\">pic.twitter.com\/XcgvgMiR6W<\/a><\/p>\n<p>\u2014 \u4f59\u70ec (@EmberCN) <a href=\"https:\/\/twitter.com\/EmberCN\/status\/2018124720231882768?ref_src=twsrc%5Etfw\">February 2, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The proceeds were used to repay a loan in <a href=\"https:\/\/forklog.com\/en\/news\/what-is-tether-usdt\">USDT<\/a> to Binance.<\/p>\n<p>Trend Research founder Jack Yi admitted the error of opening a long too early. According to him, the fund considered the asset undervalued around $3,000 when bitcoin traded near $100,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"zh\" dir=\"ltr\">\u4f5c\u4e3a\u73b0\u5728\u5168\u7f51\u538b\u529b\u6700\u5927\u7684\u4eba\uff0c\u9996\u5148\u5fc5\u987b\u627f\u8ba4\uff1a\u81ea\u4ece\u9876\u90e8\u6e05\u4ed3\u540e\uff0c\u786e\u5b9e\u8fc7\u65e9\u770b\u591aeth\u662f\u9519\u8bef\u7684\uff0c\u56e0\u4e3abtc\u572810\u4e07\u5de6\u53f3\uff0ceth\u4e00\u76f4\u57283000\uff0c\u6211\u4eec\u8ba4\u4e3a\u88ab\u4f4e\u4f30\u3002\u76ee\u524d\u4e0a\u4e00\u8f6e\u5229\u6da6\u56de\u5410\uff0c\u4ed3\u4f4d\u51b3\u5b9a\u601d\u8def\uff0c\u5728\u63a7\u5236\u98ce\u9669\u7684\u60c5\u51b5\u4e0b\uff0c\u7ee7\u7eed\u7b49\u5f85\u884c\u60c5\u5411\u4e0a\uff0c\u8c22\u8c22\u5927\u5bb6\u5173\u5fc3\uff0c\u6295\u8d44\u548c\u4ea4\u6613\u662f\u6700\u96be\u7684\uff0c\u8eab\u5904\u884c\u4e1a\u4e2d\uff0c\u603b\u662f\u65f6\u523b\u5fcd\u4e0d\u4f4f\u770b\u591a\u3002<\/p>\n<p>\u2014 JackYi (@Jackyi_ld) <a href=\"https:\/\/twitter.com\/Jackyi_ld\/status\/2018222432415621357?ref_src=twsrc%5Etfw\">February 2, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The firm still holds 618,000 ETH with more than $534m in unrealised losses. Yi said he would wait for a market recovery under strict risk control.<\/p>\n<p>Strategy founder <a href=\"https:\/\/forklog.com\/en\/news\/michael-saylor-the-microstrategy-founders-biography-and-views\">Michael Saylor<\/a> announced the purchase of another 855 BTC for about $75.3m at roughly $87,974 per coin.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Strategy has acquired 855 BTC for ~$75.3 million at ~$87,974 per bitcoin. As of 2\/1\/2026, we hodl 713,502 <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> acquired for ~$54.26 billion at ~$76,052 per bitcoin. <a href=\"https:\/\/twitter.com\/search?q=%24MSTR&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$MSTR<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24STRC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$STRC<\/a> <a href=\"https:\/\/t.co\/tYTGMwPPUF\">https:\/\/t.co\/tYTGMwPPUF<\/a><\/p>\n<p>\u2014 Michael Saylor (@saylor) <a href=\"https:\/\/twitter.com\/saylor\/status\/2018309030360363422?ref_src=twsrc%5Etfw\">February 2, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As of February 1, 2026, the company holds 713,502 BTC at an average purchase price of $76,052.<\/p>\n<h2 class=\"wp-block-heading\">Nomura scales back crypto investments<\/h2>\n<p>Japan\u2019s financial group Nomura Holdings has revised its risk-management strategy and reduced its presence in digital assets, writes <a href=\"https:\/\/www.bloomberg.com\/jp\/news\/articles\/2026-01-30\/T9O9TRKJH6V700\">Bloomberg<\/a>. The reason was losses at its Swiss subsidiary Laser Digital Holdings amid market volatility in October\u2013December 2025.<\/p>\n<p>Nomura CFO Hiroyuki Moriuchi confirmed the introduction of stricter position controls. He said this is necessary to reduce risks and smooth fluctuations in income tied to the crypto market.<\/p>\n<p>According to the agency, losses from digital-asset operations negatively affected Nomura\u2019s quarterly report. Net profit was \u00a591.6bn ($591.6m), below analysts\u2019 forecast of \u00a595.1bn. At the same time, the company\u2019s core business delivered stable results.<\/p>\n<p>Nomura\u2019s shares on the Tokyo Stock Exchange fell 6.7% to \u00a51318. To support the price, the company announced a share buyback of up to \u00a5600bn ($38.7bn) \u2014 about 3.2% of the total shares outstanding.<\/p>\n<p>Despite the poor quarter, Nomura\u2019s management reaffirmed its long-term interest in digital assets, calling the sector a promising area of growth.<\/p>\n<p>In November 2025, Bitwise\u2019s investment director Matt Hougan <a href=\"https:\/\/forklog.com\/en\/news\/bitwise-cio-says-crypto-treasuries-risk-irrelevance-without-complex-strategies\">pointed to<\/a> the inefficiency of crypto treasuries.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Corporate Ethereum holders have racked up hefty paper losses after the correction; BitMine\u2019s unrealised hit is $6.95bn.<\/p>\n","protected":false},"author":1,"featured_media":93838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"DAT firms face big paper losses; BitMine\u2019s unrealised hit is $6.95bn.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,46,1208,1473,919],"class_list":["post-93837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-ethereum","tag-michael-saylor","tag-reserve-currencies","tag-tom-lee"],"aioseo_notices":[],"amp_enabled":true,"views":"100","promo_type":"1","layout_type":"1","short_excerpt":"DAT firms face big paper losses; BitMine\u2019s unrealised hit is $6.95bn.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93837","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=93837"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93837\/revisions"}],"predecessor-version":[{"id":93839,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/93837\/revisions\/93839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/93838"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=93837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=93837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=93837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}