South Korean funeral service firm Bumo Sarang is sitting on roughly 49.3 billion gained ($32.7 million) in unrealized losses after investing about $40 million in buyer funds into leveraged crypto exchange-traded funds (ETFs).
Bumo Sarang invested within the T-REX 2X Lengthy BMNR Every day Goal ETF (BMNU), which doubles the each day returns of Ether (ETH) treasury firm Bitmine, in keeping with the corporate’s audit report for 2025.
One other funeral service firm, Christian Funeral Household of Religion, recorded a $331,700 web loss final yr, in keeping with Korea Economic Daily.
The findings renewed scrutiny over South Korea’s funeral mutual support business, which is supervised by the Truthful Commerce Fee (FTC) as a substitute of economic regulators, regardless of managing massive swimming pools of buyer pay as you go funds.
Korea Financial Every day reported that about 43% of native funeral service suppliers held fewer belongings than buyer advance funds, elevating considerations about whether or not a few of them might repay clients within the occasion of mass cancellations.
Bumo Sarang audit report for 2025. Supply: FTC
A spokesperson for Bumo Sarang informed the native outlet that the corporate is simply dealing with a “short-term unrealized loss resulting from international market volatility,” which stays “sufficiently controllable throughout the firm’s monetary buffer.”
Cointelegraph reached out to Bumo Sarang and Household of Religion for remark however didn’t obtain a response earlier than publication.
Associated: South Korea’s Shinhan Card taps Solana to test real-world stablecoin payments
South Korean capital piled into Ether-linked shares in 2025
A big chunk of South Korean retail capital rotated out of tech shares and into Ethereum treasury companies last year.
“There’s round $6 billion of Korean retail capital propping up the Ethereum treasury firms,” wrote Samson Mow, the CEO of Bitcoin tech firm JAN3, in an Oct. 6 X put up. He added that a few of these retail patrons didn’t perceive the dangers of investing in Ether.
ETH, BMNR, year-to-date chart. Supply: Cointelegraph/TradingView
Ether’s value fell over 28% yr so far in 2026 and was buying and selling above $2,118 on the time of writing. Bitmine’s inventory value fell practically 40% throughout the identical interval to $18.7, TradingView data exhibits.
Bitmine chairman Tom Lee described Ether’s drop beneath $2,200 as an “engaging alternative” after the treasury firm purchased one other 71,672 Ether, in keeping with Cointelegraph reporting earlier Tuesday.
Journal: Singapore isn’t a ‘crypto hub’ — it’s something better: StraitsX CEO
Source link
