Bitmine Posts $3.82B Quarterly Loss as Ether Slide Triggers Paper Write-Downs
Bitmine Immersion Technologies reported a steep quarterly loss as a pullback in ethereum prices led to sizable unrealized declines on its crypto treasury, even as staking income climbed sharply.
In its latest filing, the company recorded a net loss of $3.82 billion for the three months ended Feb. 28. A year earlier, the same period showed a loss of $1.15 million. For the six-month period, losses topped $9 billion.
Most of the quarterly loss was tied to unrealized marks on digital assets, totaling $3.78 billion. The figure reflects market price movements rather than sales, highlighting the earnings volatility that comes with holding large crypto positions.
Bitmine has continued to build its ethereum treasury despite recent weakness. As of April 12, it held about 4.87 million ETH, valued at roughly $10.7 billion—just over 4% of total ether supply—placing it among the largest corporate holders. The company's stated goal is to reach 5% of ethereum's total supply. It said its ETH was acquired at an average price of $2,206 per token, leaving results highly sensitive to price swings.
Operating metrics improved. Quarterly revenue rose to $11.04 million from $1.5 million a year earlier, primarily on staking. Staking rewards contributed about $10 million, as Bitmine put a large share of its holdings to work. The company said it has staked around 3.33 million ETH, about 68% of reserves. Based on recent yields, Bitmine projects annualized staking revenue of roughly $212 million.
Beyond ethereum, Bitmine reported $719 million in cash and smaller positions including 198 BTC. It also disclosed equity investments, including $200 million in Beast Industries and an $85 million stake in Nasdaq-listed Eightco Holdings.
The update follows Bitmine's move to upgrade its listing to the New York Stock Exchange, aimed at boosting visibility and drawing institutional interest. The strategy mirrors a broader push among crypto treasury firms to gain leveraged exposure to digital assets—an approach that can magnify gains in rallies but produces significant paper losses when markets fall.
