BitMine Immersion Technologies reported a net loss of $3.82 billion for the quarter ending February 28, 2026, due to a reevaluation of its Ethereum reserves amid a prolonged market downturn. source
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 slump, BitMine continues to acquire cryptocurrency. As of April 12, the company's assets included 4.87 million ETH, valued at approximately $10.7 billion, with an average purchase price of $2,206 per coin.
BitMine is the world's largest corporate holder of Ethereum and aims to control 5% of the total coin supply, currently holding 4.04%.
Tom Lee, Chairman of BitMine's Board, described the asset's price drop as an attractive buying opportunity given strong fundamentals. He believes the market is in the final stage of a "mini-crypto winter," and that Ethereum's current price does not reflect its future utility in finance.
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 Ethereum staking. 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).
On April 6, BitMine reported the purchase of 71,252 ETH worth $152 million in just one week.
On April 9, the company's shares began trading on the New York Stock Exchange.