BitMine Immersion Technologies reported a net loss of $3.82 billion for the quarter ending February 28, 2026, due to a revaluation of its Ethereum reserves amidst a prolonged market downturn. Details can be found in their SEC filing.
In comparison, the company lost $1.15 million during the same period last year. Over the past six months, total losses have exceeded $9 billion, with $3.78 billion attributed to unrealized losses from the decline in digital asset prices.
Despite the market downturn, BitMine continues to acquire cryptocurrency. As of April 12, the company’s assets included 4.87 million ETH, valued at approximately $10.7 billion. The average purchase price per coin was $2206.
BitMine is the world’s largest corporate holder of Ethereum. The company aims to control 5% of the total coin supply. Currently, its share stands at 4.04%.
Tom Lee, Chairman of BitMine’s Board, described the drop in asset prices as an attractive opportunity for purchase, citing strong fundamentals. He believes the market is in the final stage of a “mini-crypto winter,” and Ethereum’s current price does not yet reflect its future financial utility.
Increase in Staking Revenue
Despite overall losses, BitMine’s quarterly revenue rose from $1.5 million last year to $11.04 million this year.
Nearly $10 million of this revenue came from staking Ethereum. The company has locked up 3.33 million ETH—about 68% of its reserves. The expected annual revenue from this segment is estimated at $212 million, with a current yield of 2.89%. The remaining profits were generated from mining, consulting, and leasing contracts.
In addition to Ethereum, BitMine holds $719 million in cash and 198 BTC. The company also has stakes in Beast Industries ($200 million) and Eightco Holdings ($85 million).
Earlier in April, BitMine reported the acquisition of 71,252 ETH valued at $152 million over the course of a week.
On April 9, the company’s shares began trading on the New York Stock Exchange.