BitMine Reports $3.82 Billion Quarterly Loss as Ethereum Bet Weighs Heavy
BitMine Immersion Technologies (BMNR) reported a internet lack of $3.82 billion for its fiscal quarter ended February 28, 2026, in comparison with simply $1.16 million in the identical interval a yr in the past.
The losses stem nearly completely from unrealized markdowns of $3.78 billion on the corporate’s Ethereum (ETH) treasury, which has grown to develop into the biggest company ETH holding on this planet.
BitMine Net Loss Soars to $9 Billion
BitMine’s quarterly filing reveals whole working bills of $3.85 billion for the quarter, up from below $1 million a yr earlier. The six-month internet loss by means of February 28 exceeded $9 billion, in contrast with $2.1 million within the prior-year interval.
However, quarterly income informed a distinct story. BitMine generated $11 million in Q2 income, up from $1.5 million a yr in the past. Of that whole, $10.2 million came from ETH staking income.
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BitMine raised $10.07 billion by means of at-the-market inventory gross sales in the course of the six months, greater than doubling its share rely from 232 million to 494 million shares, with practically all proceeds used to purchase ETH
As of April, the company has approximately 4.87 million ETH. That place represents 4.04% of the whole ETH provide of 120.7 million tokens.
BitMine acquired 71,524 ETH in the newest week alone, its quickest shopping for tempo since December 2025. The firm has set a goal it calls the “Alchemy of 5%,” aiming to accumulate 5% of all circulating Ethereum. It at present sits 81% of the way in which towards that aim.
Staking Platform and NYSE Uplisting
BitMine not too long ago launched MAVAN, its institutional-grade staking platform. As of April 13, 3.3 million of its tokens have been staked. At full deployment, BitMine tasks annual staking rewards of $310 million.
Meanwhile, the corporate completed its uplisting from NYSE American to the principle New York Stock Exchange on April 9. The coming quarters will check whether or not BitMine’s staking income can offset the accounting volatility tied to holding practically $11 billion in a single digital asset.
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