Bitmine Immersion Technologies reported a $3.82 billion net loss for the three months ended February 28, 2026, a sharp change from a loss of just $1.15 million a year earlier. The main driver was $3.78 billion in unrealized losses on digital asset holdings. Those losses were not tied to asset sales, but to changes in the marked value of the company’s crypto treasury.
For the six-month period, total losses topped $9 billion. The filing shows how exposed Bitmine has become to ethereum price moves as it keeps expanding its balance-sheet position. As of April 12, the company held about 4.87 million ETH worth roughly $10.7 billion, equal to a little over 4% of ether’s total supply. Bitmine has also stated a goal of reaching 5% of total supply.
Large Ethereum Treasury Leaves Balance Sheet Sensitive
Bitmine said its current ETH position was accumulated at an average cost of $2,206 per token. At that scale, even moderate market moves can produce very large swings in reported asset values. The latest quarter is a clear example. The company’s treasury strategy has made it one of the largest corporate holders of ether, while also leaving earnings heavily tied to market pricing.
Outside of ethereum, Bitmine reported $719 million in cash and smaller digital asset positions that included 198 BTC. It also disclosed equity investments, including a $200 million stake in Beast Industries and an $85 million position in Nasdaq-listed Eightco Holdings.
Staking Revenue Climbs to Become Main Operating Driver
Revenue moved in the opposite direction from net income. Quarterly revenue rose to $11.04 million from $1.5 million a year earlier, led mainly by staking income. About $10 million of the quarter’s total came from ethereum staking rewards.
The company said it has staked about 3.33 million ETH, or roughly 68% of its total reserves. Based on recent yields, Bitmine projected annualized staking revenue of around $212 million. That gives the company a recurring income stream, but it remains small compared with the effect of large unrealized losses during weaker market periods.
NYSE Uplisting Puts More Focus on the Treasury Model
The results arrived shortly after Bitmine upgraded its listing to the New York Stock Exchange, a move aimed at improving visibility and drawing institutional investors. With its ethereum holdings still growing, attention is now fixed on whether staking income can offset the volatility created by such a concentrated crypto position.
This quarter shows both sides of the model in plain numbers. Staking has become a meaningful source of revenue. At the same time, the scale of Bitmine’s ETH exposure means market declines can quickly dominate the income statement.