'Parent’s' Love' Sits On A Paper Loss Of $33M Of ‘Funeral Customers' Money On A 2x Leveraged Bitmine ETF

• A South Korean funeral aid organization called Parent’s Love invested $43 million in leveraged Bitmine Immersion ETFs and now has $33 million in unrealized losses.
• The company has called it a “short-term unrealized loss” from market instability.
• Korea Economic Daily reported that 32 of 75 funeral mutual assistance organizations had assets below their customers' prepaid balances.

A South Korean funeral mutual aid enterprise called Bumo Sarang (‘Parent’s Love’) reportedly invested roughly $43 million collected from its clients in Bitmine Immersion (BMNR)- linked exchange-traded funds (ETFs) but incurred $33 million in unrealized losses. 

According to the company's 2025 audit report filed with South Korea’s Fair Trade Commission (FTC), the trade went into the T-REX 2X Long BMNR Daily Target ETF (BMNU), which gives twice the daily return of Bitmine, an Ethereum (ETH) treasury company chaired by Tom Lee. Bumo Sarang is the country’s seventh-largest funeral service operator. 

The audit records showed an acquisition cost of 59.5 billion won, and a year-end fair value of 10.2 billion won, indicating an unrealized loss of about 49.3 billion won. A Bumo Sarang spokesperson called it a "short-term unrealized loss due to global market volatility," which was "sufficiently controllable".

The Problem With Funeral Mutual Aid Firms

The story was first reported by Korea Economic Daily, which, after examining 2025 audit reports of 75 funeral mutual aid firms. That outlet found that 32 of those firms, or 42.7%, had total assets below customer prepaid balances, meaning they would not be able to refund customers in full if they canceled en masse.

South Korea's funeral mutual aid sector controls about 10 trillion won (nearly $7.2 billion) in prepayments but is regulated by the FTC rather than financial authorities. Operators are exempt from capital adequacy requirements and solvency rules.

As of May 18, there is virtually no regulation of the management of prepaid funds or the financial soundness of funeral mutual aid companies, the FTC reportedly said. Unlike insurance companies, which are supervised by the financial authority on solvency ratios, there are no standards of financial soundness, nor are there provisions to compel controlling shareholders to increase capital.

BMNR stock was trading at $19.34, up over 3% in early morning trade. On Stocktwits, retail sentiment around BMNR remained in the ‘bullish’ zone, while chatter stayed at ‘extremely high’ levels over the past day. BMNR’s stock and Ethereum are both down over 28% this year.

According to Wednesday’s conversion metrics, 1 South Korean won equals $0.00067. 

Read also: XXI Stock Edges Upward After Tether Buys Out SoftBank's Stake In BTC-Focused Twenty One Capital

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