Bitmine (BTMN) Stock Soars on 22x Revenue Jump — But There’s a $9B Catch

Bitmine posted $46.5M in Q3 revenue, a 22x jump year-over-year, driven almost entirely by Ethereum staking. Staking made up 98% of revenue at $45.7M; Bitcoin mining brought in just $624K. The company holds 5.77 million ETH worth ~$10.5B, making it the largest corporate ETH treasury. A $9.1B nine-month loss was reported.