A South Korean funeral services company called Bumo Sarang has disclosed an unrealized loss of roughly 49.3 billion won, approximately $33 million, after plowing customer prepaid funds into a leveraged ETF linked to a crypto mining firm. The investment, originally worth 59.5 billion won, had cratered to just 10.2 billion won by the end of 2025.
What happened
Bumo Sarang, ranked as South Korea’s seventh-largest funeral service operator, invested 59.5 billion won into the T-REX 2X Long BMNR Daily Target ETF, which trades under the ticker BMNU. That ETF is designed to deliver twice the daily returns of BitMine Immersion Technologies, a company trading under the ticker BMNR that has exposure to Ethereum through its mining operations.
In plain English: the funeral company took money that customers had prepaid for future funeral services and used it to make a leveraged bet on a small crypto mining stock. A leveraged bet that lost roughly 83% of its value.
Company representatives characterized the damage as a “short-term unrealized loss due to global market volatility.”
