Bitmine Reports $3.8 Billion Quarterly Net Loss Driven by Unrealized Ethereum Decline

Bitmine Immersion Technologies has reported a net loss of $3.82 billion for the quarter ended February 28, 2026, primarily driven by unrealized losses on its large Ethereum (ETH) holdings. The company’s filing shows losses widening sharply from $1.15 million in the same period last year, highlighting the volatility impact of digital asset treasury strategies.

For the six-month period ending February 28, total losses exceeded $9 billion, compared with $2.1 million a year earlier. The company stated that most of the quarterly loss came from approximately $3.78 billion in unrealized declines in the value of its crypto holdings.

Bitmine Expands Ethereum Holdings Despite Market Pressure

As of April 12, Bitmine held around 4.87 million ETH, worth roughly $10.7 billion, making it the largest corporate Ethereum treasury globally and the second-largest overall crypto treasury after Strategy. The company is targeting control of about 5% of total ETH supply and currently holds approximately 4.04%.

Chairman Tom Lee said the firm continues to accumulate Ethereum, viewing market weakness as an opportunity tied to long-term network fundamentals and staking yield potential.

Revenue Growth Offset by Staking Income

Despite heavy losses, Bitmine reported $11.04 million in quarterly revenue, up significantly from $1.5 million a year earlier. Around $10 million came from ETH staking rewards, supported by staking over 3.33 million ETH, or about 68% of total holdings.

The company also holds $719 million in cash, 198 Bitcoin, and additional strategic equity investments, while maintaining expansion plans in its Ethereum-focused treasury strategy.

Disclaimer

This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.