Abraxas Capital, a London-based investment firm, is facing approximately $190 million in unrealized losses from short positions across multiple cryptocurrencies, including Ethereum (ETH), Bitcoin (BTC), Solana (SOL), Hyperliquid (HYPE), and Sui (SUI). The firm holds two accounts that have shorted a combined total of 113,819 ETH, representing $483 million in shorts, with losses on ETH alone exceeding $144 million. These losses are attributed to market gains in the underlying assets and are partly a result of hedging spot holdings. Separately, Pantera Capital has disclosed investments exceeding $300 million in digital asset treasury (DAT) companies. These public firms maintain crypto reserves on their balance sheets with the aim of growing token holdings per share. Pantera Capital noted that DAT companies may trade at a premium to net asset value (NAV) if investors anticipate sustained NAV growth per share.