Bitmine is facing a $3.7 billion unrealized loss on its ETH holdings today, yet they’ve released their FY2025 report to ‘hype everyone up.’ Net profit is $320 million, and they’re set to become the first publicly listed crypto company to pay dividends to shareholders. Sounds pretty good, right? But here’s the kicker: U.S. companies can freely choose any month to start their fiscal year, covering the next 12 months. Bitmine’s fiscal year starts on September 1, meaning this report covers data up to August 31. On that day, ETH was priced at $4,373, but as of today, it’s $2,730. So, this hype? Yeah, it’s expired . There are two other interesting points. As the treasury of ETH, Bitmine’s $320 million revenue mainly comes from selling BTC mining machines. Basically, they’re working hard to make money off Bitcoin, only to lose 10x on Ethereum . The other thing is their plan to launch their own ETH staking service next year, aligning with Trump’s ‘Made in America Validator Network.’ This means all nodes will operate entirely within the U.S., making ETH officially ‘Made in America.’ Bitmine still has a long way to go to reach their goal of owning 5% of the total ETH supply. While it’s funny to see Tom Lee stuck in this mess, you can’t help but feel a bit worried for him. If all these micro-strategy-like companies can’t hold on and start dumping coins, it’s going to be a truckload of sell-offs.