Ethereum treasury firm Bitmine reports $3.8 billion Q1 loss in latest filing
CoinDesk·2d ago·Neutral
What Happened
Bitmine Immersion Technologies reported a $3.8 billion quarterly net loss in its February 10-Q filing. The company doubled outstanding shares to 494 million and raised over $10 billion to accumulate 4.87 million ether, becoming the world's largest corporate Ethereum treasury. Ether holdings cost $2,206 per token on average. Self-mining revenue collapsed 86% year-over-year to $219,000, replaced by $10.2 million in staking revenue. Operating expenses reached $75 million quarterly.
Key Entities
Bitmine Immersion TechnologiesEthereumTom LeeStrategy4.87 million ether$3.8 billion lossstaking revenue