Bitmine and Sharp Link's combined Ethereum holdings have expanded their losses to $2.57 billion, with mNAVs all below 1.

On November 5, according to strategicethreserve data, Bitmine (BMNR) ranks first among institutional holders of Ethereum, currently holding approximately 3.4 million ETH, valued at about $11.32 billions. Over the past 30 days, its holdings have increased by 20%, with an average cost of $4,037 per ETH, resulting in an unrealized loss of about $2.4 billions. SharpLink (SBET) ranks second among institutional holders of Ethereum, currently holding 860,000 ETH, valued at about $2.86 billions. Over the past 30 days, its holdings have increased by 2.5%, with an average cost of $3,609 per ETH, resulting in an unrealized loss of about $170 millions. Notably, the current mNAV (net asset value multiple) for the two companies is 0.99 and 0.87, respectively. Bitmine's current market capitalization is $11.236 billions, and SharpLink's is $2.297 billions, both lower than the value of their Ethereum holdings.