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BitMine raised 14 billion and bought all ETH, now "trapped" Currently caught in a triple threat of "crypto drop, stock drop, high costs" BitMine, due to aggressive Ethereum accumulation, is facing a financial dilemma of "profitable yet loss-making." The company's recent quarterly report shows staking revenue of $46.5 million, but a net loss of $83.6 million due to Ethereum's sharp decline. In the past nine months, BitMine raised funds by issuing about 340 million shares and converted all into ETH, causing significant equity dilution, with current holdings valued below cost. To address the predicament, Thomas Lee has slowed down purchases and even used high-cost funds to buy back shares. However, the company remains deeply concerned: heavily reliant on external service providers and facing high penalty fees. Currently, the stock price is highly correlated with $ETH ; if Ethereum does not rebound, the company will struggle to resolve its difficulties in the short term. This has been described as a high-stakes gamble "trapped by Sigma males."