BitMine Immersion Technologies posted a $3.82 billion net loss for the fiscal second quarter ended Feb. 28, 2026, primarily due to unrealized fair-value adjustments on its Ethereum holdings.
The company now holds 4.87 million ETH, representing approximately 4.04% of the total circulating supply, as it nears its “Alchemy of 5%” ownership goal.
Despite the net loss, quarterly revenue surged to $11.04 million, a 633% year-over-year increase, fueled by $10.2 million in ETH staking rewards.
BitMine Immersion Technologies, the leading corporate Ethereum treasury firm chaired by Fundstrat’s Tom Lee, reported a staggering $3.82 billion net loss for its fiscal second quarter. The results, disclosed in a Wednesday SEC filing, reflect the impact of mark-to-market accounting rules during a period of significant price volatility for the world’s second-largest cryptocurrency.The vast majority of the shortfall—approximately $3.78 billion—stemmed from unrealized losses on the company’s massive digital asset reserves. As of April 12, BitMine’s portfolio included 4.87 million ETH, valued at roughly $10.7 billion. The company’s average purchase price stands at $2,206 per ETH, though recent price drops below this cost basis earlier in the quarter necessitated the heavy writedowns. Despite the paper loss, the firm remains the largest corporate holder of Ethereum globally, trailing only MicroStrategy in total crypto treasury value.
Operational performance provided a silver lining for the firm. BitMine reported quarterly revenue of $11.04 million, up from just $1.5 million during the same period last year. This growth was almost entirely driven by the company’s staking operations, which generated $10.2 million. Currently, BitMine has 3.33 million ETH staked (roughly 68% of its holdings), producing an annualized revenue run-rate estimated at $212 million based on a 2.89% yield.
Chairman Tom Lee remains undeterred by the accounting figures, characterizing the recent market downturn as a “mini-crypto winter” that presents a strategic buying opportunity. Speaking at a recent industry event, Lee suggested that Ethereum’s fundamentals remain strong due to increased institutional tokenization and the rise of agentic AI systems utilizing public blockchains.
“Crypto is in a downturn, so of course ETH is declining. BMNR will record unrealized losses on our ETH holdings, but we believe ETH is in the final stages of this consolidation,” Lee stated.
The company recently uplisted to the New York Stock Exchange under the ticker BMNR and has authorized a $4 billion share repurchase program. BitMine continues to move toward its stated goal of controlling 5% of the total Ethereum supply, a strategy it calls the “Alchemy of 5%.” In the first week of April alone, the firm added another 71,252 ETH to its balance sheet, signalizing its intent to double down on the asset despite the current quarterly deficit.
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