.png){kind=logo}
BitMine Immersion Technologies reported a net loss of about $3.8 billion for the quarter ended February 28, 2026, as unrealized losses on its Ethereum holdings weighed on results. The company’s latest filing also showed revenue of $11 million, up 633% year over year, with staking contributing $10.2 million.
At the same time, BitMine continued to expand its Ethereum position and moved closer to its target of holding 5% of the token’s circulating supply.
BitMine said its net loss for the quarter reached about $3.8 billion, compared with a loss of about $1.15 million in the same period a year earlier. The filing showed that about $3.775 billion of the quarterly loss came from unrealized writedowns on digital assets, mainly Ethereum. Over the first six months of the fiscal year, unrealized losses totaled more than $9 billion.
The company said those losses were tied to fair-value accounting rules, which require crypto holdings to be marked to market in each reporting period. Under this method, price swings are recorded in the income statement even when the assets are not sold. BitMine also recorded $65.3 million in unrealized losses on derivatives during the quarter, along with $24.1 million in option premium income.
Chairman Tom Lee addressed the accounting treatment earlier this year, saying, “Crypto is in a downturn, so of course, ETH is declining. BMNR will record unrealised losses on our ETH holdings.” The filing showed that the reported loss did not come from a broad liquidation of the company’s Ethereum position.
At the time of writing, Ether traded near $2,325, about 5% above BitMine’s stated average acquisition cost of $2,206 per token.
BitMine reported quarterly revenue of $11 million, up 633% from about $1.5 million a year earlier. The largest share came from staking, which generated $10.2 million during the period. The company said it had staked more than 3.3 million ETH and earned a yield of about 2.89%.
On this run-rate basis, staking revenue implies roughly $310 million on an annualized basis. BitMine has also launched MAVAN, an institutional Ethereum staking platform, as it expands its business line. The filing shows that staking has become the company’s main operating activity.
Other business segments made smaller contributions. Self-mining revenue fell 86% year over year to about $219,000, while consulting and leasing added roughly $621,000 combined. The numbers show a clear shift away from the company’s legacy mining business.
BitMine said it held about 4.87 million ETH as of April 12 or April 13, equal to more than 4% of Ethereum’s circulating supply. The company described itself as the largest corporate Ethereum holder and said it remains focused on reaching its goal of accumulating 5% of the total supply.
The filing showed that BitMine bought Ethereum using capital raised through equity sales. Net proceeds from at-the-market offerings totaled about $10.07 billion over the six months. During this time, common shares outstanding increased sharply, with reports in the filing period showing a rise from 232 million to nearly 494 million, while a later filing date showed more than 537 million shares outstanding.
BitMine said its average acquisition cost on its ETH position was about $2,206 per token in one disclosure, while the quarter-end balance sheet reflected a much higher average book cost on the ETH held as of February 28. The company also held about $879.6 million in cash, 195 to 198 Bitcoin, a $200 million stake in Beast Industries, and an $85 million position in Eightco Holdings.
BitMine reported general and administrative expenses of about $75 million for the quarter, up from about $964,000 a year earlier. For the first six months of the fiscal year, those expenses reached about $298.6 million, while revenue totaled about $13.3 million over the same period.
The filing showed a wide gap between operating costs and operating income as the company built its Ethereum treasury strategy. BitMine also completed an uplisting from NYSE American to the New York Stock Exchange and continued to position itself around Ethereum accumulation and staking rather than self-mining.
Also Read: BitMine's $10B Ethereum Bet Gains Focus Ahead of Its NYSE Debut
