Ethereum reserve companies are experiencing significant financial pressure as the cryptocurrency market continues its downward trend. Bitmine, the largest holder of ETH globally, reports a paper loss of approximately $8.8 billion, with the current ETH price significantly below its average acquisition cost of $3,843. Over the past six months, ETH has declined by 60%. SharpLink Gaming, the second-largest Ethereum reserve company, is facing a paper loss of about $1.4 billion, with an average acquisition cost of $3,609. Meanwhile, The Ether Machine, the third-largest holder, possesses 496,712 ETH and reports a paper loss nearing $948 million, with an average cost of approximately $3,788.