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South Korea’s Hanwha Asset Management recorded an unrealized loss of about 157.5 billion won ($114 million) on its investment in Ethereum treasury company Bitmine, The Views reported on Oct. 20.
According to the report, Hanwha Asset Management acquired 3 million Bitmine shares for about 219.1 billion won on Oct. 16 last year. As Bitmine’s share price fell, the carrying value of the stake dropped to 116.9 billion won at the end of last year and then to 61.6 billion won in June this year, down about 71.9% from the initial purchase price.
Two days before the investment, Hanwha Asset Management had raised its risk exposure limit to 143 billion won from 107 billion won, the outlet said. About two months later, on Dec. 17, parent company Hanwha Life is said to have granted ex post approval.