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🇰🇷 Funeral company in Korea is losing $33M because of long $ETH
📌 Bumo Sarang is a prepaid funeral service company in Korea, belonging to the “mutual aid/prepaid funeral service” group. Customers pay in advance, and the company uses that money to provide funeral services later.
📌 According to Korean reports, this company has invested about 59.5 billion won in the T-REX 2X Long BMNR Daily Target ETF. BMNR is a stock with a very high beta to ETH because it is a company with an ETH treasury model.
📌 After ETH's drop, the company's book value is only about 10.2 billion won — a loss of 49.3 billion won, roughly $32.7M - $33M. Now, no one knows who will cover the customers' funerals.