Lost $6.3 billion in the fiscal year, with 5.9 million ETH still unsold
Bitmine $BMNR closed at around $18.08 in regular trading on the NYSE on Tuesday, down around 2.85% on the day. It also filed its annual report for the year ended August 31 on Tuesday, reporting a net loss of about $6.313 billion.
At 7:19 a.m. ET on Wednesday, premarket trading put the stock at around $18.28, about 1.11% above Tuesday's closing price. Binance's stock perpetual contract was trading at around $18.28, down about 0.54% over 24 hours, with roughly 27.92 million U in volume.
About $6.229 billion of the annual loss came from unrealized losses on digital assets. On Binance, Ethereum fell from around $4,392 to around $2,468 during the fiscal year, a decline of about 44%. As of the reporting date, the company held 5,901,837 ETH, worth about $14.6 billion on its books, against a cost basis of $19.95 billion—about $5.4 billion below cost. In the previous fiscal year, it had posted net income of about $348.6 million.
Fiscal-year revenue was about $124.8 million, while management expenses were about $376.9 million, exceeding revenue. The company continued buying after the reporting date, increasing its holdings to 6,070,092 ETH by November 9. Ethereum spot on Binance is currently around $2,058, even lower than on August 31.
I'm bearish on $BMNR . Almost all of the losses on the books are unrealized losses on ETH that hasn't been sold, and the price is now lower than it was on the reporting date, yet the company is still adding to its holdings. The stock still closed lower on the day the annual report was filed, and remains a long way from its 1-year high of around $42.08.
For beginners, I recommend watching more and trading less. If you're buying crypto, buy only $BTC .
Bitmine $BMNR closed at around $18.08 in regular trading on the NYSE on Tuesday, down around 2.85% on the day. It also filed its annual report for the year ended August 31 on Tuesday, reporting a net loss of about $6.313 billion.
At 7:19 a.m. ET on Wednesday, premarket trading put the stock at around $18.28, about 1.11% above Tuesday's closing price. Binance's stock perpetual contract was trading at around $18.28, down about 0.54% over 24 hours, with roughly 27.92 million U in volume.
About $6.229 billion of the annual loss came from unrealized losses on digital assets. On Binance, Ethereum fell from around $4,392 to around $2,468 during the fiscal year, a decline of about 44%. As of the reporting date, the company held 5,901,837 ETH, worth about $14.6 billion on its books, against a cost basis of $19.95 billion—about $5.4 billion below cost. In the previous fiscal year, it had posted net income of about $348.6 million.
Fiscal-year revenue was about $124.8 million, while management expenses were about $376.9 million, exceeding revenue. The company continued buying after the reporting date, increasing its holdings to 6,070,092 ETH by November 9. Ethereum spot on Binance is currently around $2,058, even lower than on August 31.
I'm bearish on $BMNR . Almost all of the losses on the books are unrealized losses on ETH that hasn't been sold, and the price is now lower than it was on the reporting date, yet the company is still adding to its holdings. The stock still closed lower on the day the annual report was filed, and remains a long way from its 1-year high of around $42.08.
For beginners, I recommend watching more and trading less. If you're buying crypto, buy only $BTC .
