Bitmine Reports $6 Billion Net Loss
Bitmine Immersion Technologies (NYSE: $BMNR) has reported a $6.23 billion U.S. net loss for the fiscal year ended Aug. 31.
The crypto treasury firm, led by Chairman Tom Lee, blamed the hefty loss on a decline in the value of Ethereum (CRYPTO: $ETH), which it is steadily accumulating.
Along with the $6 billion U.S. loss, Bitmine reported $124.8 million U.S. in yearly revenue. The company said that 97% of its revenue came from staking its Ethereum holdings.
Bitmine held 5.90 million ETH tokens worth $14.6 billion U.S. at the end of August this year. It also owned 211 Bitcoin (CRYPTO: $BTC).
The company noted in its earnings release that Ethereum’s price fell 44% during its fiscal year, declining from $4,390 U.S. to $2,466 U.S. per token.
During the fiscal year, Bitmine sold 395.1 million shares of its common stock and raised $13.2 billion U.S. to fund its weekly Ethereum purchases.
The company has a stated goal to own 5% of Ethereum’s circulating supply. Bitmine currently owns 4.97% of the token's global supply and is close to achieving its target.
BMNR stock has fallen 54% in the last 12 months to trade at $18.08 U.S. per share.
This story was originally published by CryptoProwl. Read the original article.
