BitMine потеряла $1000 на каждом ETH из-за планов BlackRock

cryptonews.ruPublished on 2025-05-19Last updated on 2025-11-20

Запуск ETF на базе Ethereum с функцией стейкинга от BlackRock угрожает бизнес-модели корпоративных держателей криптовалюты, говорится в отчете 10x Research.

Под ударом оказались компании вроде BitMine Immersion Technologies. По данным аналитиков, фирма несет нереализованный убыток в $3,7 млрд. Фирма теряет $1000 на каждом купленном ETH.

Основатель 10x Research Маркус Тилен сравнил ситуацию с отелем «Калифорния». Инвесторы не могут выйти из таких структур без значительных потерь.

По его словам, в отличие от ETF, компании-держатели цифровых активов используют «сложные, непрозрачные и часто похожие на хедж-фонды структуры комиссий, которые могут незаметно съедать доходность».

Положение компаний осложняет и коэффициент mNAV — если он ниже 1, привлекать средства для покупки новых монет становится трудно. У BitMine этот показатель составляет 0,77.

Источник: Bitminetracker.

Предложение BlackRock может стать для инвесторов низкозатратным инструментом для получения дохода. В отличие от корпоративных держателей, структура ETF более прозрачна.

Аналитики 10x Research считают, что инвесторы могут начать переводить капитал в ETH-ETF от BlackRock. Его комиссия за управление составит 0,25%, что значительно ниже скрытых затрат в существующих структурах.

Напомним, в сентябре компании REX Shares и Osprey Funds объявили о запуске в США Ethereum-ETF с функцией стейкинга.

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