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Bitmine posts $6.3 billion annual loss as ether's slide hits the biggest corporate ETH treasury
🔴Bearish for $ETHA multibillion-dollar loss at the largest corporate ETH holder underlines how much ether's price decline has hit treasury companies.News sentiment, not financial advice. It reflects the likely impact of this news, not a price prediction.
Summary
Bitmine Immersion Technologies, the largest corporate holder of ether, reported a $6.3 billion net loss for its fiscal year ended Aug. 31, according to its annual 10-K filing as reported by Cointelegraph and The Block.
About $6.2 billion of the loss came from unrealized fair-value losses on its digital assets, both outlets said; The Block tied the loss to a 44% decline in ether's price.
The company had posted a $348.6 million net profit the prior fiscal year, Cointelegraph reported.
Bitmine said in a Monday update that it now holds 6.07 million ETH, or 4.97% of supply, close to the 5% level Chairman Tom Lee has called a hard cap.
Key facts
- Cointelegraph: at fiscal year-end Bitmine had $15.4 billion in total assets and $33.7 million in liabilities, including 5.9 million ETH worth $14.6 billion and $545 million in cash.
- Cointelegraph: revenue was $124.8 million, above a $119.8 million average analyst estimate, with staking and validation making up $121.4 million, or 97%.
- Cointelegraph: Bitmine shares closed 2.8% lower at $18.08 on Tuesday, down 33% year to date; the 10-K was filed after the close.
- Cointelegraph: Bitmine estimated $309 million in annualized staking rewards on 5.23 million staked ETH.
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