Seoul-based funeral firm Bumosarang is nursing an unrealized loss of approximately 45 billion won ($33 million) after betting on a leveraged crypto ETF linked to Bitmine Immersion Technologies, the world’s largest listed Ethereum holder, according to Jason Chen, a well-known web3 independent researcher and builder.

Bumosarang, whose name means “parental love,” took exposure through the T-REX 2X Long BMNR Daily Target ETF, a product designed to deliver 200% of Bitmine’s daily returns and 200% of its daily pain.

According to the report, the company invested 59.5 billion won in the ETF before the position’s value fell to 10.2 billion won at the end of last year as the crypto markets declined sharply. The loss amounts to about eight times the company’s annual revenue.

The case has drawn scrutiny because of the source of funds. Bumosarang operates on a prepaid funeral model in which customers make monthly payments over many years in exchange for guaranteed end-of-life funeral services. The prepaid balances, commonly referred to in Korea as “coffin money,” are typically viewed as long-term savings earmarked for funeral arrangements.