BitMine Posts $3.82B Quarterly Loss as Ethereum Holdings Hit 4.87M Tokens

BitMine Immersion Technologies (BMNR) reported a net loss of $3.82 billion for its fiscal quarter ended February 28, 2026, a dramatic swing from the $1.16 million loss in the same period a year prior. The company attributed nearly all of the losses to unrealized markdowns of $3.78 billion on its Ethereum treasury, which has grown to become the largest corporate ETH holding in the world. Total operating expenses reached $3.85 billion for the quarter, up from under $1 million in the prior-year period, while the six-month net loss through February 28 exceeded $9 billion, compared with $2.1 million in the same period a year ago.

On the revenue side, BitMine generated $11 million in Q2 revenue, up from $1.5 million a year earlier, with $10.2 million coming from ETH staking income. The company raised $10.07 billion through at-the-market stock sales during the six-month period, more than doubling its share count from 232 million to 494 million shares, with nearly all proceeds used to purchase additional Ethereum.

As of April, BitMine holds approximately 4.87 million ETH, representing 4.04% of the total ETH supply of 120.7 million tokens. The company acquired 71,524 ETH in the most recent week alone, its fastest buying pace since December 2025. BitMine has set a target it calls the "Alchemy of 5%," aiming to accumulate 5% of all circulating Ethereum, and currently sits 81% of the way toward that goal.

The company recently launched MAVAN, its institutional-grade staking platform, with 3.3 million tokens staked as of April 13. At full deployment, BitMine projects annual staking rewards of $310 million. Separately, the company completed its uplisting from NYSE American to the main New York Stock Exchange on April 9, a milestone that comes as BitMine navigates the accounting volatility inherent in holding nearly $11 billion in a single digital asset.