Bitmine posts $3.8 billion quarterly net loss driven by unrealized ETH decline
Bitmine Immersion Technologies reported significant net losses in its latest quarterly earnings report, despite a notable growth in revenue. According to Bitmine's 10-Q report filed on Tuesday, the Ethereum treasury company posted a net loss of $3.82 billion for the quarter ended Feb. 28, 2026, widening from a net loss of $1.15 million in the same period last year.
The company's net loss for the six-month period ended Feb. 28 exceeded $9 billion, compared with a net loss of $2.1 million in the year-ago period, the report shows. The reported losses in the quarter were largely driven by $3.78 billion in unrealized losses on the company's digital asset holdings. Bitmine has continued to increase its ETH holdings even through the extended crypto market since late 2025.
As of April 12, Bitmine held 4.87 million ETH in its treasury, valued at approximately $10.7 billion. The company is currently the largest corporate Ethereum treasury globally and the second-largest corporate crypto treasury overall behind Strategy. Bitmine's Ethereum stash was purchased at an average price of $2,206 per ETH.
"Bitmine has been buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals," Bitmine Chairman Tom Lee said in a March statement. "In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance."
Lee noted on Monday that the firm has maintained an increased pace of ETH purchases over the past four weeks as it expects ether to be in the final stages of a "mini crypto winter."
"The Iran war enters its seventh week and this war remains the most important driver of global markets," Lee added.
Bitmine has a target of controlling 5% of the total ether supply. It is at 4.04% as of Monday. According to The Block's Ethereum price page, the cryptocurrency was trading at $2,322 as of 11:20 p.m. on Tuesday, ET. It has fallen notably since last August's all-time high of $4,946.
Revenue growth Meanwhile, the company saw strong revenue growth in the last quarter, boosted by ETH staking. In the three months ended Feb. 28, Bitmine posted $11.04 million in total revenue, up from $1.5 million in the same period in 2025. Around $10 million of the quarter's revenue came from ETH staking rewards, with other businesses in leasing, consulting, and self-mining contributing the remainder.
Lee said on Monday that the company has staked 3,334,637 ETH, or approximately 68% of Bitmine's total holdings, projecting $212 million in annualized revenue based on a 2.89% seven-day yield from its staking operations. Beyond its ether holdings, Bitmine held $719 million in total cash as of April 12, along with 198 bitcoin, a $200 million stake in Beast Industries, and an $85 million stake in Eightco Holdings, which trades on the Nasdaq under the symbol ORBS.
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.
