Cryptocurrency markets continued to suffer losses this week, marking a fourth consecutive week of decline, raising concerns over the stability of the ongoing bull market.

Investor anxiety heightened on Thursday following a report from 10X Research, indicating that BitMine Immersion Technologies, the largest corporate Ether (ETH) holder globally, is facing an unrealized loss of $3.7 billion on its entire portfolio.

According to 10x Research founder Markus Thiele,

“Most digital asset treasuries (DATs) are experiencing a decrease in net asset value (NAV), complicating their ability to secure investment for new projects or to draw in retail investors, rendering existing shareholders ’trapped’ by their mounting paper losses.”

The pressure mounts as the MSCI index is considering the exclusion of corporate crypto treasuries whose balance sheets consist of over 50% crypto assets. This consultation is open until December 31, with outcomes expected on January 15, 2026, set to be enacted in February.

In a related note, Bitcoin (BTC) fell to a six-month low of $82,000 on Friday, a price not seen since April when the market was in recovery post the tariff announcement by US President Donald Trump.

BitMine Faces $3.7 Billion Loss Amid New Competition

Concerns are growing regarding the viability of corporate crypto treasury firms as BlackRock develops a staked Ether fund that could rival existing DATs.

Currently, BitMine Immersion Technologies sits at a $1,000 loss per ETH purchased, translating to an overall unrealized loss of $3.7 billion, as noted in a Thursday report from 10x Research.

Markus Thiele pointed out in a LinkedIn post that the decline in NAV across these firms makes attracting new retail investors challenging, leaving current shareholders feeling “trapped” unless they accept considerable losses when selling.

“When the premium collapses to zero, as is currently happening, investors become stuck in the structure, unable to exit without severe damage—it’s a real Hotel California situation,” he stated.

Unlike exchange-traded funds (ETFs), digital-asset treasury firms implement complex and often opaque fee structures that can subtly diminish returns.

The mNAV ratio, which compares a company’s enterprise value against its crypto holdings, should be above 1 to facilitate fundraising through new share issuance. BitMine’s basic mNAV is at 0.77, while its diluted mNAV is at 0.92, according to data from Bitminetracker.

SEC Plans Privacy and Surveillance Roundtable in December

The US Securities and Exchange Commission (SEC) has announced a roundtable focusing on privacy and financial surveillance scheduled for December 15. This session will bring together crypto industry leaders and SEC officials to discuss mutual issues without introducing formal policy proposals.

Privacy has emerged as a critical issue, following notable events including a partial guilty verdict in the Tornado Cash developer Roman Storm’s case in June, and the sentencing of the Samourai Wallet developer in November, alongside a price surge in privacy tokens over the last two months.

According to Naomi Brockwell, founder of the Ludlow Institute,

“Authoritarian regimes thrive when citizens lack privacy. A negative shift in privacy protections from those in power signals significant cause for concern.”

The renewed interest in privacy evokes the essence of crypto’s cypherpunk ideals, reflecting one of the primary motivations behind the development of cryptographic technology—to ensure safe communication in risky settings.

Coinbase Introduces ETH-Backed Lending as Onchain Lending Exceeds $1.25 Billion

Coinbase has initiated Ether-backed loans, enabling US clients to borrow USDC using their ETH assets without needing to liquidate them, in collaboration with Morpho, deployed on Base. This service is accessible in most US states, excluding New York, with variable rates depending on market conditions. Customers can borrow up to $1 million in USDC stablecoin.

Coinbase plans to extend this offering to other asset-backed loans involving its staked Ether token, cbETH.

Advocacy Group Proposes DeFi Solutions to Combat Global Poverty

The DeFi Education Fund has suggested harnessing decentralized finance technology to reduce costs associated with poverty domestically and globally, estimating potential savings of around $30 billion yearly by lowering remittance fees, which could drop by up to 80% through DeFi.

Mastercard Partners with Polygon to Simplify Crypto Wallet Transactions

Mastercard is broadening its Crypto Credential program, allowing self-custody wallets to utilize usernames for transactions instead of cumbersome wallet addresses, with Polygon as the first blockchain to implement this feature.

DeFi Market Overview

According to Cointelegraph Markets Pro and TradingView analytics, the majority of the 100 largest cryptocurrencies concluded the week with losses. The privacy-focused Canton network had the steepest decline at 32%, followed closely by the Story token, which dropped 29% this week.

Thank you for engaging with our summary of the week’s most significant DeFi developments. We look forward to sharing more stories and insights next Friday.