South Korean Funeral Firm Reports $33M Loss on Leveraged Ether ETF Bet

A Seoul-based funeral services company, Bumo Sarang, disclosed an unrealized loss of about 45 billion won ($33 million) from investments in leveraged ether ETFs.

The firm invested in the T-REX 2X Long BMNR Daily Target ETF (BMNU), managed by Tuttle Capital Management. The fund aims to deliver 200% of the daily performance of Bitmine Immersion Technologies, the world's largest publicly traded holder of ether.

Leveraged ETFs are designed for short-term trading and can amplify both gains and losses. While these losses are unrealized, the disclosure underscores South Korea's growing appetite for speculative, crypto-linked products.

South Korea is one of the busiest markets for leveraged and inverse ETF trading, despite regulatory warnings about volatility and risk.