BitMine reported nearly 46 million dollars in revenue from Ethereum staking during its fiscal third quarter ended May 31. The gains were offset by a 92.1 million dollar loss on options trading.
Revenue reached 46.5 million dollars, up from 2.1 million dollars a year earlier. About 98 percent, or 45.7 million dollars, came from staking and validation.
The company recorded a net loss of 83.6 million dollars. This compared with a 623,000 dollar deficit in the prior year period.
BitMine attributed most of the loss to Ethereum-linked derivatives. It also faced higher expenses from custody fees, salaries, and share dilution after issuing hundreds of millions of new shares to fund its treasury.
