Bitmine posts $3.8B Q1 net loss on ETH holdings

Bitmine (BMNR) recorded a $3.82 billion net loss in the first quarter due to unrealized losses on its Ethereum (ETH) holdings, The Block reported. The company currently holds 4.87 million ETH. Bitmine Chairman Tom Lee stated that the company views the recent price drop as a buying opportunity and has increased its ETH purchases over the past four weeks. He added that the current market appears to be in the final stages of a "mini crypto winter." Lee also noted that the conflict in Iran, which has been ongoing for seven weeks, is currently the most important variable in the global market.