South Korean Funeral Firm Bumo Sarang Faces $32.7M Unrealized Crypto ETF Loss

South Korean funeral service company Bumo Sarang is sitting on roughly 49.3 billion won ($32.7 million) in unrealized losses after investing about $40 million in customer funds into leveraged crypto exchange-traded funds (ETFs).

Bumo Sarang invested in the T-REX 2X Long BMNR Daily Target ETF (BMNU), which doubles the daily returns of Ether (ETH) treasury company Bitmine, according to the company’s audit report for 2025.

Another funeral service company, Christian Funeral Family of Faith, recorded a $331,700 net loss last year, according to Korea Economic Daily.

The findings renewed scrutiny over South Korea’s funeral mutual aid industry, which is supervised by the Fair Trade Commission (FTC) instead of financial regulators, despite managing large pools of customer prepaid funds.

Korea Economic Daily reported that about 43% of local funeral service providers held fewer assets than customer advance payments, raising concerns about whether some of them could repay customers in the event of mass cancellations.

Bumo Sarang audit report for 2025. Source: FTC

A spokesperson for Bumo Sarang told the local outlet that the company is only facing a “short-term unrealized loss due to global market volatility,” which remains “sufficiently controllable within the company's financial buffer.”

Cointelegraph reached out to Bumo Sarang and Family of Faith for comment but did not receive a response before publication.

Related: South Korea’s Shinhan Card taps Solana to test real-world stablecoin payments

South Korean capital piled into Ether-linked stocks in 2025

A large chunk of South Korean retail capital rotated out of tech stocks and into Ethereum treasury companies last year.

“There’s around $6 billion of Korean retail capital propping up the Ethereum treasury companies,” wrote Samson Mow, the CEO of Bitcoin tech company JAN3, in an Oct. 6 X post. He added that some of those retail buyers didn’t understand the risks of investing in Ether.

ETH, BMNR, year-to-date chart. Source: Cointelegraph/TradingView

Ether’s price fell over 28% year to date in 2026 and was trading above $2,118 at the time of writing. Bitmine’s stock price fell nearly 40% during the same period to $18.7, TradingView data shows.

Bitmine chairman Tom Lee described Ether’s drop below $2,200 as an “attractive opportunity” after the treasury company bought another 71,672 Ether, according to Cointelegraph reporting earlier Tuesday.