- Bitmine reported $3.8B loss driven by ETH revaluation, indicating volatility in its large digital asset holdings.
- Despite losses, firm increased ETH holdings to 4.87M, reinforcing its position as the largest corporate holder.
- Staking generated strong revenue growth, with yields supporting over $200M annualized income from ETH operations.
Bitmine Immersion Technologies reported a $3.82 billion net loss for the quarter ending February 28, 2026, driven by digital asset revaluation. The company disclosed the results in its latest filing, highlighting volatility tied to its Ethereum holdings. Despite losses, Bitmine expanded its ETH position and increased staking-driven revenue during the same period.
Losses Driven by Asset Revaluation
According to the filing, unrealized losses on digital assets reached about $3.78 billion during the quarter. This marks a sharp increase from a $1.15 million loss recorded a year earlier. Over six months, total losses exceeded $9 billion.
However, the company maintained its accumulation strategy. Bitmine now holds about 4.87 million ETH, valued near $10.7 billion. This position makes it the largest corporate holder of Ethereum.
The firm reported an average acquisition price of $2,206 per ETH. Chairman Tom Lee said recent price declines created buying opportunities, based on internal assessments.
Revenue Rises as Staking Expands
Meanwhile, revenue increased significantly during the same quarter. Bitmine reported $11.04 million in total revenue, compared with $1.5 million last year. Most of this income came from Ethereum staking rewards.
Notably, the company has staked about 3.33 million ETH, representing roughly 68% of its holdings. This staking activity generated nearly $10 million in quarterly revenue.
According to the company, current yield levels support an annualized revenue estimate of about $212 million. The reported staking yield stands near 2.89%.
In addition to staking, Bitmine generated smaller revenue streams from mining, consulting, and leasing contracts.
Portfolio Holdings and Market Activity
Beyond Ethereum, Bitmine holds 198 Bitcoin and about $719 million in cash. The company also reported equity stakes in Beast Industries and Eightco Holdings.
Earlier in April, Bitmine disclosed the purchase of over 71,000 ETH within a week. This marked its fastest accumulation pace since late 2025.
Moreover, Bitmine shares began trading on the New York Stock Exchange on April 9. The listing increased market visibility as the company continues to expand its Ethereum-focused treasury strategy.
