The company with Ethereum reserves, Bitmine, reported a quarterly net loss of $3.8 billion. Despite this, it continues to accumulate altcoin reserves, considering the drop in its price a good opportunity for purchases.
For the quarter ending February 28, Bitmine incurred a net loss of $3.82 billion, according to the income statement filed with the U.S. Securities and Exchange Commission (SEC). In comparison, the loss for the same period a year earlier was $1.15 million.
Losses for the reporting quarter were primarily driven by unrealized losses of $3.78 billion on the company's digital assets. However, it continues to increase its ETH reserves despite the cryptocurrency market crisis. Bitmine's goal is to control 5% of the total ether volume. As of Monday, this figure was 4.04%.
At 11:00 Moscow time, the Ethereum exchange rate hovers around $2.32 thousand. At the end of August 2025, the altcoin set a price record of around $5 thousand, since then it has decreased by 53%.
At the same time, Bitmine reported significant revenue growth from ETH staking. For the three months ending February 28, the company's total revenue was $11.04 million, of which $10.2 million came from staking. A year earlier, the revenue was $1.5 million and was generated from mining.
On Monday, Bitmine's chairman Tom Lee reported that the company has staked 3,334,637 ETH. This is approximately 68% of the total amount of its reserves. The project forecasts an annual income from staking of $212 million.
Lee noted that the most important factor currently affecting the crypto market is the conflict in the Middle East. But the head of Bitmine added that "Ethereum continues to benefit from two factors: the tokenization of assets on the blockchain from Wall Street and the growing need for public and neutral blockchains for artificial intelligence agency systems."
In early February, the Ethereum exchange rate fell to $1.8 thousand, against which Bitmine's "paper" losses reached $6.7 billion. Lee then called these losses "not a bug, but a feature," explaining that Bitmine is designed to track the price of ETH and outperform the market over the long term, similar to index exchange-traded funds that also go negative during market downturns. #ETHETFS #NewsAboutCrypto #GoldmanSachsFilesforBitcoinIncomeETF
