Bitmine Immersion Technologies reported a $3.82 billion net loss for the quarter ended February 28, 2026, according to a 10-Q filing reported by The Block.
The massive loss, which represents a significant increase from the $1.15 million loss recorded during the same period last year, stems largely from $3.78 billion in unrealized losses on the company's digital asset treasury.
As of April 12, the company held 4.87 million ETH, valued at approximately $10.7 billion. This amount represents over 4% of the total Ethereum supply.
Bitmine currently stands as the largest corporate Ethereum treasury globally. Its holdings follow an average purchase price of $2,206 per ETH.
Revenue growth and market strategy
Despite the heavy net loss, Bitmine's total revenue grew to $11.04 million for the quarter, up from $1.5 million in the prior year's period. This growth was driven by ETH staking rewards.
Bitmine Chairman Tom Lee stated in a March press release that the firm views the current market pullback as an opportunity. "Bitmine has been buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals," Lee said.
Lee added that the company expects Ethereum to be in the final stages of a "mini crypto winter." He also noted that the ongoing conflict in Iran remains a primary driver of global market volatility.
The company has set a target to control 5% of the total Ethereum supply. As of Monday, Bitmine's stake stood at 4.04%.
Ethereum prices have faced downward pressure, trading at $2,322 on Tuesday evening. This follows a peak of $4,946 reached last August.
