Hanwha Asset Management reports 114 million dollar loss on Bitmine investment

Hanwha Asset Management recorded an unrealized loss of about 157.5 billion won (114 million dollars) on its investment in Bitmine. The firm acquired 3 million Bitmine shares for approximately 219.1 billion won on October 16 last year. As Bitmine's share price declined, the carrying value of the stake fell to 116.9 billion won at the end of last year and further to 61.6 billion won in June this year, representing a decrease of about 71.9% from the initial purchase price. Two days prior to the investment, Hanwha Asset Management raised its risk exposure limit to 143 billion won from 107 billion won. On December 17, the parent company Hanwha Life reportedly granted ex post approval.

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