BitMine Reports $3.82 Billion Quarterly Loss as Ethereum Bet Weighs Heavy

BitMine Immersion Technologies reported a $3.82 billion net loss for the quarter ended Feb. 28, 2026, driven almost entirely by $3.78 billion in unrealized markdowns on its Ethereum treasury. The company holds roughly 4.87 million ETH (about 4.04% of circulating supply) after raising $10.07 billion via at‑the‑market equity sales and doubling its share count. BitMine bought 71,524 ETH in the most recent week and targets 5% of circulating ETH. Quarterly staking income was $10.2 million (of $11 million revenue), with 3.3 million tokens staked on newly launched MAVAN and projected annual staking rewards of $310 million at full deployment. BitMine also uplisted to the NYSE main exchange. Market implications: the company’s aggressive ETH accumulation could tighten supply and be supportive for ETH prices, but large unrealized markdowns create significant earnings volatility and pressure on the stock; future quarters will test whether staking revenue can offset crypto price swings and accounting impacts.