Bitmine Reports $3.8 Billion Quarterly Net Loss Due to Unrealized ETH Decline

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• $3.82 billion net loss reported for the quarter ended Feb. 28, 2026
• $3.78 billion unrealized losses from digital asset holdings
• 4.87 million ETH holdings valued at approximately $10.7 billion
• $11.04 million revenue, largely driven by ETH staking
• 3.33 million ETH staked, representing about 68% of total holdings
• $9 billion net loss recorded over six-month period

Quarterly Loss Driven by ETH Decline

Bitmine Immersion Technologies reported a net loss of $3.82 billion for the quarter ended Feb. 28, 2026, according to its 10-Q filing released on Tuesday. This compares to a net loss of $1.15 million in the same period last year. For the six-month period ending Feb. 28, the company’s net loss exceeded $9 billion, significantly higher than the $2.1 million loss recorded in the prior-year period.

The losses were primarily attributed to $3.78 billion in unrealized losses on digital asset holdings. The company continued increasing its Ethereum holdings during the broader crypto market downturn since late 2025. As of April 12, Bitmine held 4.87 million ETH, valued at approximately $10.7 billion. The holdings were acquired at an average price of $2,206 per ETH. The company is currently the largest corporate Ethereum treasury globally and the second-largest corporate crypto treasury overall.

ETH Accumulation and Market Outlook

Bitmine Chairman Tom Lee stated in March that the company has continued purchasing Ethereum during the market pullback, citing its long-term utility and role in finance.

Lee also noted that the firm has increased its pace of ETH purchases over the past four weeks, indicating expectations that ether may be nearing the end of a “mini crypto winter.” He further highlighted that ongoing geopolitical developments, including the Iran war entering its seventh week, remain a key driver of global markets.

Revenue Growth Driven by Staking

Despite the losses, Bitmine reported strong revenue growth in the quarter. Total revenue reached $11.04 million for the three months ended Feb. 28, up from $1.5 million in the same period in 2025.

Approximately $10 million of the revenue came from ETH staking rewards, with the remaining contributions from leasing, consulting, and self-mining operations. The company has staked 3,334,637 ETH, representing around 68% of its total holdings. Based on a 2.89% seven-day yield, Bitmine projects approximately $212 million in annualized staking revenue.

In addition to its ETH holdings, Bitmine reported $719 million in cash as of April 12, along with 198 bitcoin, a $200 million stake in Beast Industries, and an $85 million stake in Eightco Holdings. Last week, Bitmine uplisted its shares to the New York Stock Exchange from NYSE American. Its stock closed down 0.14% at $21.48 on Tuesday.