Bitmine posts $3.82B loss, boosts Ethereum holdings

Bitmine reported a $3.82B loss due to unrealized ETH declines, but grew its treasury to 4.87M ETH and earned $10.2M in staking revenue, shifting away from mining.

Bitmine Immersion Technologies posted a net loss of approximately $3.82 billion for the quarter ending February 2026, a significant jump from the $1.16 million loss reported in the same period last year. This steep loss was mainly driven by $3.78 billion in unrealized fair-value adjustments on its Ethereum (ETH) holdings, reflecting the sharp decline in ETH prices from their 2025 highs. Despite the downturn, Bitmine expanded its ETH treasury to 4.87 million tokens, now representing about 4.04% of the total ETH supply. The company is now 81% of the way toward its goal of holding 5% of all circulating Ethereum. To fund these purchases, Bitmine raised over $10 billion through equity sales, effectively doubling its share count, with nearly all proceeds used to acquire ETH. Staking revenue has now overtaken mining as Bitmine's primary income source, generating $10.2 million out of $11 million in total quarterly revenue. The reported losses are largely attributed to market-driven changes in asset values under new fair-value accounting rules, rather than operational shortcomings.