Bitmine Immersion Technologies posted a $3.82 billion quarterly loss as digital asset values swung widely. The loss occurred despite revenue growth, primarily driven by ether staking rewards.
The company said most of the quarterly loss came from unrealized losses on its digital asset holdings. Bitmine also kept buying ether during the recent market weakness.
Loss Widens as Digital Asset Values Fall
Bitmine reported a net loss of $3.82 billion for the quarter ended Feb. 28, 2026. A year earlier, it posted a net loss of $1.15 million.
For the six months ended Feb. 28, the company reported a net loss above $9 billion. In the same period last year, the loss was $2.1 million.
The latest quarterly result was driven by $3.78 billion in unrealized losses on digital asset holdings. Those losses reflected the change in market value of the company’s crypto assets.
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Ether Holdings Keep Growing Despite Market Weakness
Bitmine said it held 4.87 million ETH as of April 12. The holding was worth about $10.7 billion at that date.
The company said that amount represented more than 4% of the total ether supply. It also said it had reached 4.04% of supply as of Monday.
Bitmine’s average purchase price for its ether was $2,206 per coin. According to the report, it aims to control 5% of total ether supply.
Chairman Tom Lee said in March, “Bitmine has been buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals.” He also said, “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.”
On Monday, Lee said the company had increased the pace of ether purchases over the prior four weeks. He added, “The Iran war enters its seventh week and this war remains the most important driver of global markets.”
Revenue Rises on Staking and Other Business Lines
Bitmine reported $11.04 million in revenue for the quarter. That was up from $1.5 million in the same period in 2025.
About $10 million of that total came from ether staking rewards. The rest came from leasing, consulting, and self-mining activities.
Lee said the company had staked 3,334,637 ETH, or about 68% of total holdings. He said that level could support $212 million in annualized revenue, based on a 2.89% seven-day yield.
Beyond ether, Bitmine held $719 million in cash as of April 12. It also held 198 bitcoin, a $200 million stake in Beast Industries, and an $85 million stake in Eightco Holdings.
Last week, Bitmine moved its listing to the New York Stock Exchange from NYSE American. Its shares closed down 0.14% at $21.48 on Tuesday.
Market observers noted that the results reflect volatility in digital asset prices, and that Bitmine's ether accumulation program remains a focal point for its strategy.
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