Bitmine books $3.8 billion quarterly loss on digital asset holdings

Bitmine Immersion Technologies reported a significant paper loss of approximately $3.8 billion in its digital asset portfolio for the quarter ending February 28. This resulted in a net loss of $3.8 billion for the period, a stark contrast to the $1.15 million loss in the previous year. Despite the substantial paper loss, the company saw a 633% year-over-year revenue increase to $11 million, primarily driven by a new staking operation that generated $10.2 million. Bitmine staked over 3.3 million ETH tokens, achieving a yield of about 2.89%, which on an annualized basis suggests around $310 million in staking revenue. The company also has minor income from consulting, leasing, and its traditional mining business. Notably, Bitmine continues to expand its ETH holdings and staking activities, now possessing approximately 4.9 million ETH, representing over 4% of the total supply, and is nearing its goal of holding 5% of all ETH. This makes Bitmine the second-largest corporate digital asset treasury, behind Strategy's Bitcoin holdings.

(Source：Crypto Briefing)