BitMine: Are Options Losses Way Worse Than Expected?
BitMine (BMNR), led by Tom Lee, the U.S. stock
The company’s latest report from the largest Ethereum reserve holder shows:
1. Spot unrealized losses:
It holds about 5.417 million ETH, with its average cost lowered to $3,517 (down from the earlier $3,794 via averaging down). However, compared with the market price of about $1,900, its unrealized loss is as high as $8.7 billion.
2. Options losses:
Since the beginning of 2026, it has sold ETH put options (Sell Put). In this quarter, the net loss from derivatives was about $92.09 million, exceeding the proceeds from collateral/pledging.
3. Transition to staking:
87.1% of its positions have been staked (about 4.719 million ETH). Staking income has become the main revenue source (about $45.74 million in this quarter), with an annualized return of about 2.73%.
4. Overall result:
In this quarter, the net loss reached $8.36 billion. Cash dropped significantly, and future profitability depends heavily on ETH price recovery and its ability to raise funds.$ETH
BitMine (BMNR), led by Tom Lee, the U.S. stock
The company’s latest report from the largest Ethereum reserve holder shows:
1. Spot unrealized losses:
It holds about 5.417 million ETH, with its average cost lowered to $3,517 (down from the earlier $3,794 via averaging down). However, compared with the market price of about $1,900, its unrealized loss is as high as $8.7 billion.
2. Options losses:
Since the beginning of 2026, it has sold ETH put options (Sell Put). In this quarter, the net loss from derivatives was about $92.09 million, exceeding the proceeds from collateral/pledging.
3. Transition to staking:
87.1% of its positions have been staked (about 4.719 million ETH). Staking income has become the main revenue source (about $45.74 million in this quarter), with an annualized return of about 2.73%.
4. Overall result:
In this quarter, the net loss reached $8.36 billion. Cash dropped significantly, and future profitability depends heavily on ETH price recovery and its ability to raise funds.$ETH
