Bitmine Immersion Technologies reported a $3.82 billion net loss for the quarter ending February 28, 2026. Unrealized losses on Ethereum holdings accounted for $3.78 billion of the total loss.
Quarterly revenue increased to $11 million. Ethereum staking operations generated over $10 million of that revenue.
The company held 4.87 million ETH as of April 12, 2026. This position is valued at approximately $10.7 billion. Bitmine now controls more than 4% of the total Ethereum supply.
Leadership cited strengthening Ethereum fundamentals as justification for its treasury strategy. These results follow the company's pivot to an ETH-focused treasury and its NYSE uplisting.