BitMine Records a Quarterly Loss of US$3.82 Billion for Kuartalan, Due to Betting on Ethereum

BitMine Immersion Technologies
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reported a net loss of US$3.82 billion for the fiscal quarter ended February 28, 2026, up sharply from only US$1.16 million in the same period last year.

This loss comes almost entirely from an unrealized impairment of US$3.78 billion on the company’s Ethereum
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treasury, which has now become the largest corporate ETH holding in the world.

BitMine’s Net Loss Jumps to US$3.82 Billion

BitMine’s quarterly report document shows total operating expenses of US$3.85 billion for this quarter, up drastically from less than US$1 million last year. Net loss for the six months through February 28 has already exceeded US$3.82 billion, while the same period the previous year only recorded a loss of US$2.1 million.

But BitMine’s quarterly revenue shows a different picture. BitMine booked revenue of US$1.16 million in Q2, up from US$1.5 million the previous year. Of that total, US$10.2 million comes from ETH staking revenue.

BitMine managed to raise US$10.07 billion from the sale of shares in the market over six months, causing the number of shares outstanding to more than double from 232 million to 494 million shares, and almost all of that money was used to buy ETH.

In April, the company held around 4.87 million ETH. This is equivalent to 4.04% of the total ETH supply, which is 120.7 million tokens.

BitMine bought 71,524 ETH in just the last week, and that is the fastest buying pace since December 2025. The company is targeting what they call “Alchemy of 5%,” meaning it wants to collect 5% of all circulating ETH. Now, they have already reached 81% of that target.

Staking Platform and Uplisting to NYSE

BitMine recently launched MAVAN, its own institutional-quality staking platform. As of April 13, there are already 3.3 million tokens staked. When fully utilized, BitMine estimates that annual staking returns could reach US$1.16 million.

On the other hand, the company has completed the uplisting process from NYSE American to the main New York Stock Exchange on April 9. The coming quarters will be a test of whether BitMine’s staking revenue can offset the accounting volatility arising from holding nearly US$3.82 billion in a single digital asset.

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