PANews reported on February 2nd that, according to Cointelegraph, major Ethereum treasury companies are facing huge paper losses due to the recent decline in Ethereum prices. BitMine, the largest holder, has unrealized losses of approximately $6.95 billion due to an average cost of $3,883; the second-largest Ethereum treasury company, SharpLink Gaming, also has paper losses of $1.09 billion.

Persistent losses are testing these companies' fundraising capabilities. The market capitalization-to-net-value (mNAV) ratios of the two companies have fallen to 1 and 0.92, respectively. A ratio below 1 will make it more difficult for the companies to raise funds through new share issuances, thereby limiting their ability to purchase crypto assets. Asset management firm Pantera Capital predicts that the crypto treasury industry may experience a "brutal reshuffle" in 2026, with only the most well-capitalized companies surviving.