Summary
- BitMine said it posted a $3.82 billion net loss in the first quarter, with the sharp increase driven by weakness in Ethereum prices.
- The company said unrealized losses on its 4.875 million Ether holdings totaled $3.78 billion, while cumulative net losses over the past six months reached $9 billion.
- Even so, BitMine has maintained its Ethereum accumulation strategy, and Chairman Tom Lee called the recent pullback an attractive entry point.
Forecast Trend Report by Period
BitMine, the world's largest corporate holder of Ethereum, posted a net loss of $3.82 billion in the first quarter.
The Block reported on Aug. 14 that the company disclosed the loss in a filing. That compared with a net loss of $1.15 million a year earlier.
The wider loss was driven by continued weakness in Ethereum prices. Unrealized losses on BitMine's Ethereum holdings totaled $3.78 billion in the first quarter. The company holds about 4.875 million Ether.
The Block said BitMine had continued increasing its Ethereum holdings since late last year despite instability in the crypto market.
Net losses over the past six months reached $9 billion. A year earlier, BitMine's net loss was about $2.1 million.
BitMine has maintained its Ethereum accumulation strategy. Chairman Tom Lee said last month that the recent pullback was an attractive entry point given strengthening fundamentals. He added that Ethereum's price does not fully reflect the network's high utility and its role as future financial infrastructure.
According to CoinMarketCap, Ethereum was trading in the low $2,300 range as of Aug. 14, down about 2% from a day earlier.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
