The point I'm making is that this says absolutely nothing about their ability to eat a $320M loss because they didn't eat a $320M loss if what they put up was ETH because they can't transact in ETH, they don't fund their operations in ETH, they don't pay their LPs returns in ETH, etc. etc. etc.

It might well be that they can eat a $320M loss on the regular, but if so, this situation isn't any kind of indicator of it.