Ethereum ($ETH) has regained bullish momentum and climbed back towards the $2,500 level. At the moment, ETH is trading around $2,472, up 29.37% in the last 7 days. The momentum was set by BTC initially but ETH has even surpassed BTC in this recent rally. However, despite the optimistic rally, several major corporate holders of ETH still remain in unrealized losses. Their average acquisition prices are still significantly above the current market price.
Corporate Ethereum Holders Face Unrealized Losses
According to CryptoRank data, prominent corporate Ethereum treasury holders have accumulated their holdings at varying average purchase prices. The figures highlight the gap between their cost bases and the current ETH price. The average acquisition prices of the companies highlighted by CryptoRank are:
BitMine (BMNR): $3,517
BTCS (Nasdaq: BTCS): $3,040
Galaxy Digital: $2,960
Bit Digital (BTBT): $2,842
Coinbase: $2,308
With ETH trading around $2,470–$2,500, Coinbase is the only company among those listed with an average acquisition price below the current market level. It means Coinbase is now having some unrealized profit. The remaining companies are still holding ETH at an unrealized loss based on their reported average cost bases.
The above-mentioned figures underscore the challenges faced by public companies that accumulated substantial ETH when prices were higher. Although the recent recovery has improved the value of their holdings, ETH would need to climb further for several of these corporate treasuries to reach their average break-even levels.
$ETH Rally Needs More Upside to Restore Corporate Profits
CryptoRank noted that Ethereum’s recovery has brought renewed positive momentum to the market. Nevertheless, the significant gap between the current ETH price and the average acquisition costs of major corporate holders remains an important factor for market participants to monitor.
A sustained Ethereum rally could eventually push these treasury holders back into profitable territory. However, failure to maintain the recent momentum could leave many of them facing continued unrealized losses.