South Korean Funeral Firm Bets on Leveraged Ether ETF — and Books $33M Loss!

Seoul-based funeral services company Bumo Sarang has disclosed an unrealized loss of roughly 45 billion won ($33 million) tied to its position in the T-REX 2X Long BMNR Daily Target ETF (BMNU), a leveraged product managed by Tuttle Capital Management that seeks to deliver 200% of the daily performance of BitMine Immersion Technologies — the world's largest publicly traded holder of ether.

Leveraged ETFs are engineered for short-term tactical trading, not balance-sheet investing: the daily-reset compounding mechanism means losses can accelerate sharply during volatile stretches, and crypto-linked equities have delivered plenty of those recently. The fact that a funeral services firm — not a hedge fund or prop desk — was running this kind of exposure is the detail that stands out.

The disclosure lands against a broader backdrop: South Korea has emerged as one of the world's most active…