#Bitmine2026财年净亏损63亿美元 $ETH
Despite Bitmine’s $6.3 billion annual loss, I actually think it’s the least likely to dump. The real concern is that the buyer sweeping up ETH every week is about to stop.
Its 10-K, filed on November 10, makes it clear: At fiscal year-end, it had $15.4 billion in total assets, just $33.7 million in liabilities, and $545 million in cash. It didn’t borrow money to buy crypto, so nobody can force it to sell. Of its 6.07 million ETH, 5.22 million are staked—and even if it wanted to sell, it would first have to wait in line to unstake them.
The problem is on the other side. Tom Lee set a target of 5% of the entire network’s supply. As of November 8, it had reached 4.97%, just about 40,000 ETH short. At last week’s pace of buying 9,587 ETH, it’ll reach the target in about a month, and then that steady source of buying will disappear entirely.
ETH is now down more than 20% this week from its book value at the end of Bitmine’s fiscal year. A major buyer that has said it will stop buying will affect the market sooner than a major holder who might sell at any moment.
I’ll wait until the weeks when it reaches its target, then see whether ETH has new buyers. There’s no need to rush in ahead of it to grab the last 40,000 ETH.
Despite Bitmine’s $6.3 billion annual loss, I actually think it’s the least likely to dump. The real concern is that the buyer sweeping up ETH every week is about to stop.
Its 10-K, filed on November 10, makes it clear: At fiscal year-end, it had $15.4 billion in total assets, just $33.7 million in liabilities, and $545 million in cash. It didn’t borrow money to buy crypto, so nobody can force it to sell. Of its 6.07 million ETH, 5.22 million are staked—and even if it wanted to sell, it would first have to wait in line to unstake them.
The problem is on the other side. Tom Lee set a target of 5% of the entire network’s supply. As of November 8, it had reached 4.97%, just about 40,000 ETH short. At last week’s pace of buying 9,587 ETH, it’ll reach the target in about a month, and then that steady source of buying will disappear entirely.
ETH is now down more than 20% this week from its book value at the end of Bitmine’s fiscal year. A major buyer that has said it will stop buying will affect the market sooner than a major holder who might sell at any moment.
I’ll wait until the weeks when it reaches its target, then see whether ETH has new buyers. There’s no need to rush in ahead of it to grab the last 40,000 ETH.