The largest exposure lies in Bitcoin and Ethereum shorts, where the firm is down over $94 million combined. Its $344 million BTC short, placed at 10x leverage, is currently nursing a $21.5 million loss. The situation is more severe with ETH, where a $298 million position has racked up a staggering $72.6 million in unrealized losses.
Other high-leverage shorts, including $69 million in Solana and $82.5 million in HYPE, have also underperformed. However, Abraxas saw a small win on its $2.6 million SUI trade, which is currently up $178,000.
Despite the mounting losses, the firm is far from liquidation. The BTC short won’t be liquidated unless the price hits $161,605, while ETH’s liquidation threshold is at $5,342—both well above current market prices.
Abraxas’ strategy reflects a high-risk, high-leverage approach that’s clearly being tested in the current bullish environment.
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