BitMine Will Soon Stop Buying ETH. Here’s Where Its New Coins Come From

BitMine reported a $6.3 billion net loss for the year ended August 31, driven almost entirely by unrealized declines in the value of its Ethereum holdings, according to its annual report. Staking generated roughly 97% of the company's revenue over the same period, and that income stream will now carry more weight as BitMine prepares to stop purchasing ETH. The shift matters because it moves the treasury-focused firm's growth model away from open-market accumulation and toward yield generation on its existing coin base. Investors will be watching how much staking revenue BitMine can sustain relative to its large unrealized ETH losses, and whether the company discloses new sources for its coins once buying halts.