Bitmine books a quarterly loss of $3.8 billion on digital asset holdings
Bitmine Immersion Technologies said paper losses related to its digital asset portfolio reached $3.8 billion in the quarter to February 28, according to a new filing with the SEC.
The company posted a net loss of $3.8 billion in the quarter, compared to a loss of $1.15 million in the prior year. Revenue totaled $11 million, a 633% year-over-year increase, driven largely by $10.2 million in new equity operations.
Bitmin says it holds more than 3.3 million ETH tokens, yielding about 2.89%. On a par value basis, that would mean raising about $310 million a year. The company generates minor contributions from consulting, leasing and its former mining business.
Ethereum position size
Despite the quarterly losses, Bitmine continues to double its ETH reserves and reserves.
According to recently released data, Ethereum's treasury firm now holds about 4.9 million ETH, or more than 4% of the total supply. 5% of all ETH is moving towards the set goal.
Bitcoin is now the second largest corporate digital asset treasury, with 780,897 bitcoins valued at $58 billion, following the strategy alone.
Disclosure: This article was edited by Vivian Nguyen. See our Editorial Policy for more information on how we create and review content.
