Bitmine Immersion Technologies reported approximately $3.8 billion in paper losses tied to its digital asset portfolio for the quarter ending February 28. The company posted a net loss of $3.8 billion, a stark contrast to the $1.15 million loss in the previous year. Revenue reached $11 million, marking a 633% year-over-year increase, primarily fueled by a new staking operation that generated $10.2 million.
Bitmine staked over 3.3 million ETH tokens, achieving a yield of about 2.89%. This suggests an annualized staking revenue of approximately $310 million. Additional revenue streams include consulting, leasing, and its legacy mining business.
Despite the quarterly losses, Bitmine continues to increase its accumulation and staking of ETH. The company now holds about 4.9 million ETH, representing over 4% of the total supply. Bitmine is nearing its objective to accumulate 5% of all ETH. It ranks as the second-largest corporate digital asset treasury, following Strategy, which holds 780,897 Bitcoin valued at nearly $58 billion.