BitMine Lost $9.1B on Paper But Made $46.5M in Real Revenue: What Is Happening?

Benzinga07-15 20:32

Bitmine Immersion Technologies (NYSE:BMNR) posted $46.5 million in revenue for the quarter ended May 31, a 22x jump from a year earlier, even as a $9.1 billion nine-month net loss dominated its latest...

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Bitmine’s $9.04 billion markdown came from falling Ethereum (CRYPTO: ETH) prices hitting the value of its holdings on paper. \nThe actual quarterly operating loss was $11.9 million, with an additional $92 million hit from derivative contracts.\nThe split screen defines Bitmine’s model. \nReported earnings swing with ETH’s price, while the staking operation generates a growing and predictable revenue stream underneath it.\nStaking brought in $45.7 million, or 98% of total quarterly revenue, up from zero a year ago. \nThe remaining $800,000 came from small self-mining and consulting lines.\nBitmine runs its staking operation through MAVAN, its institutional-grade validator platform launched in March 2026 following the acquisition of Australian blockchain infrastructure firm Pier Two Holdings for $27.8 million. \nAs of the latest data, 4,917,189 ETH is staked, representing 85% of its total holdings, generating a 7-day annualized yield of 2.70%.\n“Annualized staking revenues are now projected at $242 million,” Chairman Tom Lee said, adding that full deployment could push that figure to $284 million annually.\nThat position represents 4.8% of the entire ETH supply, with the company 96% of the way to its stated 5% target.\nThe company built that position through its at-the-market equity program, raising $11.87 billion over nine months while shares outstanding grew from 232 million to 603 million. Total assets stand at $11.6 billion.\nBMNR trades 9.4% above its 20-day SMA at $14.92, with the near-term bounce still intact.\nThe longer-term structure stays heavy, with the stock 7.4% below its 50-day SMA at $17.63 and 41.4% below its 200-day SMA at $27.85. \nThe death cross formed in January keeps the bigger-picture trend biased lower.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.2","shortVersion":"4.45.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2651463458","isCrawlerRequest":true}