BitMine posts $2.8B quarterly profit driven by Ethereum gains, but yearly net loss surpasses $6B

BitMine’s annual filing implies a nearly $2.8 billion profit for the Ethereum treasury company in the three months ended Aug. 31, driven by unrealized gains on its digital assets. The annual accounts filed Nov. 10 , compared with the nine-month statements through May , make the final-quarter result measurable for the first time. CryptoSlate calculated the June-August figures by subtracting the cumulative nine-month amounts from the full-year totals. BitMine reported a full-year net loss of about $6.3 billion, against a $9.1 billion loss for the first nine months. Calculations using the filings’ underlying figures imply $2.8 billion in final-quarter net income, measured before preferred distributions. The principal driver was a calculated $2.8 billion unrealized digital asset gain during June-August, slightly more than the quarter’s net income.

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