{"id":8702,"date":"2026-04-28T07:03:42","date_gmt":"2026-04-28T07:03:42","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=8702"},"modified":"2026-04-28T07:03:42","modified_gmt":"2026-04-28T07:03:42","slug":"bitmine-doubles-down-on-ether-despite-6-5b-paper-loss","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=8702","title":{"rendered":"BitMine Doubles Down on Ether Despite $6.5B Paper Loss"},"content":{"rendered":"

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  • BitMine said its treasury reached 5,078,386 ETH on April 26, equal to 4.21% of Ethereum\u2019s total supply.<\/span><\/li>\n
  • The company has staked 3,701,589 ETH, worth US$8.8 billion (AU$12.67 billion), through its MAVAN strategy and partners.<\/span><\/li>\n
  • BitMine\u2019s latest 10-Q showed a US$3.818 billion (AU$5.50 billion) quarterly net loss as digital asset marks dominated earnings.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    BitMine Immersion Technologies expanded its Ethereum (ETH) holdings beyond 5 million ETH, despite carrying a US$6.5 billion (AU$9.36 billion) paper loss.<\/p>\n

    BitMine said its crypto, cash and investment holdings totalled US$13.3 billion (AU$19.15 billion), including 5,078,386 ETH priced at US$2,369 (AU$3,411) per token.\u00a0<\/p>\n

    Moreover, the position represents 4.21% of Ethereum\u2019s 120.7 million token supply and puts it 84% of the way toward its stated target of acquiring 5% of ETH.<\/p>\n

    Read more: Kalshi Taps Pyth Network to Power Commodities Expansion with Real-Time Data<\/strong><\/p>\n

    Staking Offsets Volatility<\/h2>\n

    BitMine has tried to turn part of the treasury into an income-producing position by staking 3,701,589 ETH, valued at US$8.8 billion (AU$12.67 billion).<\/p>\n

    BitMine Chairman Tom Lee said the firm had staked more ETH than any other entity, with MAVAN and staking partners projected to generate US$363 million (AU$522.72 million) in annual rewards at a 3.033% seven-day BMNR yield.<\/p>\n

    That staking engine has already become the company\u2019s main operating revenue source as BitMine\u2019s 10-Q showed quarterly revenue of US$11.041 million (AU$15.90 million) for the three months ended Feb. 28, with US$10.201 million (AU$14.69 million) coming from ETH staking.<\/p>\n

    But the same filing shows BitMine posted a US$3.818 billion (AU$5.50 billion) quarterly net loss, while unrealised losses from digital asset holdings reached US$3.775 billion (AU$5.44 billion) for the period.<\/p>\n

    Lee framed the 5 million ETH threshold as a milestone in BitMine\u2019s push toward 5% of Ethereum supply. The company also held 200 Bitcoin (BTC), US$940 million (AU$1.35 billion) in cash, a US$200 million (AU$288 million) stake in Beast Industries and a US$91 million (AU$131.04 million) stake in Eightco Holdings.<\/p>\n

    Related: Crypto \u201cClarity Act\u201d Faces Mounting Political Roadblocks in Washington<\/strong><\/p>\n<\/p><\/div>\n

    BitMine,Ethereum#BitMine #Doubles #Ether #6.5B #Paper #Loss1777359822<\/p>\n","protected":false},"excerpt":{"rendered":"

    BitMine said its treasury reached 5,078,386 ETH on April 26, equal to 4.21% of Ethereum\u2019s total supply. The company has staked 3,701,589 ETH, worth US$8.8 billion (AU$12.67 billion), through its MAVAN strategy and partners. BitMine\u2019s latest 10-Q showed a US$3.818 billion (AU$5.50 billion) quarterly net loss as digital asset marks dominated earnings. BitMine Immersion Technologies<\/p>\n","protected":false},"author":1,"featured_media":8703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[4254,439,2440,1165,2388,2387],"class_list":{"0":"post-8702","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"tag-6-5b","9":"tag-bitmine","10":"tag-doubles","11":"tag-ether","12":"tag-loss","13":"tag-paper"},"yoast_head":"\nBitMine Doubles Down on Ether Despite $6.5B Paper Loss - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=8702\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BitMine Doubles Down on Ether Despite $6.5B Paper Loss\" \/>\n<meta property=\"og:description\" content=\"BitMine said its treasury reached 5,078,386 ETH on April 26, equal to 4.21% of Ethereum\u2019s total supply. 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