The main cause is unrealized losses from the revaluation of ETH▼$1,811.88 reserves.
BitMine Immersion Technologies, the world’s largest corporate holder of Ethereum (ETH), reported a net loss of $3.82 billion for the quarter ending February 28, 2026.
Related: Ethereum Price Prediction 2026. Will ETH Reach New All-Time Highs in May?
Over six months, the company’s total losses exceeded $9 billion. Of that amount, $3.78 billion came specifically from paper losses due to Ethereum’s price decline.
BitMine Continues Accumulating Ethereum
Despite significant losses, BitMine continues to actively buy ether. As of April 12, the company holds 4.87 million ETH worth approximately $10.7 billion. The average purchase price stands at $2,206 per coin.
BitMine’s share of Ethereum’s total supply has reached 4.04%. The company maintains its goal of reaching 5%.
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Chairman Tom Lee called the current price decline an attractive buying opportunity. He noted that, in his view, the market is in the final stage of a “mini-crypto winter” while Ethereum’s fundamentals remain strong.
BitMine’s ETH Staking Revenue Grows
Despite overall losses, BitMine’s quarterly revenue rose from $1.5 million to $11.04 million. Nearly $10 million of that amount came from Ethereum staking. The company has locked 3.33 million ETH, representing 68% of its reserves. Expected annual staking yield is estimated at $212 million based on a current rate of approximately 2.89%.
Beyond Ethereum, the company holds $719 million in cash, 198 Bitcoin (BTC), and stakes in Beast Industries ($200 million) and Eightco Holdings ($85 million).
On April 9, BitMine shares began trading on the New York Stock Exchange’s (NYSE) main floor.
Related: Ethereum Foundation Stakes 22,517 ETH Worth $46 Million
