Stunning financial results are out! BitMine’s latest annual report shows a net loss of $6.3 billion for the fiscal year, with its massive Ethereum holdings to blame. After buying near the top, it got caught in #ETH ’s plunge from over $4,000 to $2,000, leaving it deeply in the red.
The institution holds more than six million $ETH
, and was once a benchmark for institutional demand for Ethereum. But recently, large holders have been selling off one after another, and even BlackRock has made large transfers. If ETH continues to weaken, the losses will keep mounting. The story of Ethereum as a store of value now looks increasingly shaky.
The institution holds more than six million $ETH
, and was once a benchmark for institutional demand for Ethereum. But recently, large holders have been selling off one after another, and even BlackRock has made large transfers. If ETH continues to weaken, the losses will keep mounting. The story of Ethereum as a store of value now looks increasingly shaky.
