Overview
- Bitmine reported a $3.8 billion net loss for the quarter ended February 28 under accounting rules that force crypto price swings to flow through earnings.
- The filing shows the share count rose from 232 million to 494 million in six months as the company raised equity to fund ETH purchases, with an NYSE uplisting on April 9 expanding its market reach.
- The company disclosed Monday a weekly buy of 71,524 tokens that lifted its Ethereum (ETH) holdings to 4,874,858, equal to about 4.04% of circulating supply and roughly 81% of its 5% target.
- About 3.33 million ETH, near 68% of the treasury, is now staked through its MAVAN validator network, which the company says is generating about $212 million a year at recent yields.
- Total assets across crypto, cash, and equity stakes stand near $11.8 billion, and the rapid march toward 5% ownership has stirred questions about liquidity and the impact of a single public firm holding a large share of ETH.