Tom Lee's BitMine Posts $3.8 Billion Quarterly Loss Due to Ethereum Price Plunge

BitMine Immersion Technologies reported a $3.81 billion net loss for the quarter ended Feb. 28 in a new 10-Q, driven almost entirely by unrealized losses on its Ethereum holdings. The filing shows six-month losses exceeding $9 billion and underscores how swings in ETH’s price are now the primary earnings driver for ETH‑treasury businesses. BitMine holds about 4.874 million ETH (worth >$11.3 billion at recent prices) but paid roughly $17 billion for its first 4.47 million ETH, implying a large mark‑to‑market gap. ETH has slid roughly 53% from its August ATH (~$4,946) to around $2,346 and was $1,965 at Feb. 28, amplifying unrealized losses; ETH’s modest recent bounce (~4% in the prior week) has only partly reduced deficits. BitMine’s NYSE‑listed shares (BMNR) have declined sharply over six months and are under pressure despite a small intraday gain. The report highlights the vulnerability of crypto‑treasury business models to ETH price moves and potential market risk for similarly positioned firms and investors.