Bitmine Immersion Technologies reported a $3.82 billion net loss for the quarter ended February 28, 2026, with the filing pointing to digital asset revaluation as the main driver. Unrealized losses on digital assets reached about $3.78 billion during the quarter, sharply higher than the $1.15 million loss recorded a year earlier. Over a six-month period, the company said total losses topped $9 billion.
Even with that swing, Bitmine kept building its Ethereum position. The company now holds about 4.87 million ETH, valued at roughly $10.7 billion, making it the largest corporate holder of Ethereum based on the disclosure. Bitmine said its average acquisition price stands at $2,206 per ETH. Chairman Tom Lee said recent price weakness was viewed internally as a buying opportunity.
Staking rewards drove most of the quarter's revenue
Revenue moved the other way. Bitmine posted total quarterly revenue of $11.04 million, up from $1.5 million in the same period last year. Most of that income came from Ethereum staking rewards, which now represent the company’s main operating revenue stream.
The firm has staked about 3.33 million ETH, equal to roughly 68% of its holdings. That staking activity generated nearly $10 million in quarterly revenue. Based on current yield levels, the company estimated annualized revenue of around $212 million, with reported staking yield near 2.89%.
ETH treasury strategy kept expanding after NYSE debut
Outside staking, Bitmine also reported smaller contributions from mining, consulting, and leasing contracts. Its broader balance sheet includes 198 BTC, about $719 million in cash, and equity stakes in Beast Industries and Eightco Holdings.
Earlier in April, Bitmine disclosed that it bought more than 71,000 ETH within one week, its fastest pace of accumulation since late 2025. The company also said its shares began trading on the New York Stock Exchange on April 9. The listing added visibility as Bitmine continued to scale its Ethereum-focused treasury strategy.