BitMine posts $3.82B quarterly loss on ETH markdowns

BitMine Immersion Technologies reported a $3.82 billion net loss for the quarter ended Feb. 28, 2026, the company’s quarterly filing shows. The loss was driven largely by $3.78 billion in unrealized markdowns on the firm’s Ethereum treasury, reflecting declines in the market value of its ETH holdings.

The filing shows total operating expenses of $3.85 billion for the quarter, up from under $1 million in the same period a year earlier. The six-month net loss through Feb. 28 exceeded $9 billion, compared with $2.1 million in the prior-year period. Quarterly revenue was $11 million, up from $1.5 million a year ago, with $10.2 million of that coming from staking income on Ethereum.

During the six-month period, BitMine raised $10.07 billion through at-the-market share sales, increasing its share count from 232 million to 494 million shares. The company used nearly all of the proceeds to purchase Ethereum, according to the filing.

As of April, BitMine reported holding about 4.87 million ETH, roughly 4.04% of the total ETH supply of 120.7 million tokens, making it the largest corporate holder of the asset. The filing shows the company bought 71,524 ETH in the most recent week, its fastest buying pace since December 2025. BitMine has set a target it calls the Alchemy of 5%, and the filing states it is about 81% of the way to that goal.

BitMine has also developed staking infrastructure to generate income from its holdings. The company launched MAVAN, an institutional-grade staking platform, and reported 3.3 million tokens staked as of April 13. At full deployment, BitMine projects annual staking rewards of $310 million.

The company completed an uplisting from NYSE American to the main New York Stock Exchange on April 9. The filing attributes the quarterly net loss almost entirely to non-cash, unrealized markdowns on the ETH treasury, while staking income made up the bulk of cash revenue for the period.