Bitmine and SharpLink's combined Ethereum holdings losses widened to $2.57 billion, with both having a median NAV below 1.

According to data from strategicethreserve, Bitmine (BMNR) ranks first in institutional holdings of Ethereum, currently holding approximately 3.4 million ETH, worth about $11.32 billion. Its holdings have increased by 20% in the past 30 days, with an average cost of $4,037 and a paper loss of approximately $2.4 billion. SharpLink (SBET) ranks second in institutional holdings of Ethereum, currently holding 860,000 ETH, worth about $2.86 billion. Its holdings have increased by 2.5% in the past 30 days, with an average cost of $3,609 and a paper loss of approximately $170 million. It is worth noting that the mNAV (net asset value multiple) of the two companies are currently 0.99 and 0.87 respectively. Bitmine's current market capitalization is $11.236 billion, and SharpLink's current market capitalization is $2.297 billion, both lower than the value of their Ethereum holdings.