BitMine Immersion Technologies · Ethereum · CryptoSlate
BitMine made $46 million staking Ethereum then dropped twice that betting on it
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BitMine's push to turn one of the world's largest corporate Ethereum holdings into a source of recurring income generated nearly $46 million from staking last quarter.
Key facts
- Meanwhile, the total holdings were valued at $10.86 billion on May 31, leaving the position approximately $8.2 billion, or 43%, below cost at quarter-end
- During the nine months ended May 31, the company sold approximately 340.7 million BMNR shares through its at-the-market program, raising $11.87 billion after issuance costs
- As of May 31, this equity-funded expansion allowed BitMine to accumulate 5.42 million ETH with a cumulative cost basis of $19.05 billion
- After the quarter, BitMine raised another $273.8 million by selling 3.5 million BMNP shares of 9.5% perpetual preferred stock
Summary
01 BitMine generated nearly $46 million from Ethereum staking last quarter, but a $92.1 million options loss erased the gains. 02 Staking now covers core operating costs, yet treasury economics are weakened by rising fees and heavy shareholder dilution. 03 The company still faces an $8.2 billion ETH markdown, and future growth depends on capital markets and Ether recovery. Yet a $92.1 million options loss overwhelmed those gains, while rising treasury costs and aggressive share issuance further weakened the economics for existing shareholders.