Bitmine Immersion Technologies said it incurred about $3.8 billion in paper losses tied to its digital asset portfolio in the quarter through February 28, according to a new filing with the SEC.
The company posted a $3.8 billion net loss for the quarter, compared with a $1.15 million loss in the prior-year period. Revenue totaled $11 million, a 633% year-over-year increase, driven largely by a new staking operation that generated $10.2 million.
Bitmine said it staked more than 3.3 million ETH tokens, earning a yield of about 2.89%. On a run-rate basis, that implies staking revenue of roughly $310 million annually. The company also generates small contributions from consulting, leasing, and its legacy mining business.
The size of the Ethereum position
Despite its quarterly losses, Bitmine continues to double down on ETH accumulation and staking.
According to its latest disclosure, the Ethereum treasury firm now holds about 4.9 million ETH, or more than 4% of total supply. It is steadily moving toward its stated goal of accumulating 5% of all ETH.
Bitmine is now the second-largest corporate digital asset treasury, trailing only Strategy, which holds 780,897 Bitcoin valued at nearly $58 billion.
Source: https://cryptobriefing.com/bitmine-loss-asset-values-tumble/
