South Korean Funeral Firm Reports $33 Million Loss from Leveraged Ethereum ETF Bet
Bumo Sarang, a South Korean funeral service provider and seventh-largest in the country, reported an unrealized loss of $33 million on its investment in a 2x leveraged BitMine Ethereum ETF. The firm invested approximately $40 million—primarily from customer prepaid funds—into the T-REX 2X Long BMNR Daily Target ETF (ticker: REX), which tracks twice the performance of BitMine Immersion Technologies (BMNR). By year-end 2025, the investment's value had dropped to around $6.8 million.
Tickers: $BMNR
Topics: cryptocurrency funeral_industry leveraged_etf regulation