Bitmine Posts $3.82B Quarterly Loss as Ether Write‑downs Bite

Bitmine Immersion Technologies reported a $3.82 billion net loss for the quarter ended Feb. 28, according to its regulatory filing. The result included $3.78 billion in unrealized declines tied to the company’s ether holdings after it accumulated roughly 4.87 million ETH, about 4% of total ether supply.

The quarterly loss compared with a $1.15 million loss in the same period a year earlier. For the six months ended Feb. 28, cumulative losses exceeded $9 billion. The filing shows most of the quarterly decline came from mark-to-market write-downs, not from realized sales.

Bitmine purchased its ether at an average cost of $2,206 per token and valued the holdings at about $10.7 billion as of April 12. The company has set a target of holding 5% of ether’s total supply.

Operational revenue increased to $11.04 million for the quarter from $1.5 million a year earlier. About $10 million of that revenue came from staking rewards. The firm has staked roughly 3.33 million ETH, or about 68% of its reserves, and the filing projects annualized staking revenue near $212 million based on recent yields.

The balance sheet lists $719 million in cash and other digital and equity positions. Other holdings include 198 bitcoin, a $200 million stake in Beast Industries and an $85 million position in Eightco Holdings. The company upgraded its listing to the New York Stock Exchange.

The filing notes that unrealized losses are accounting declines tied to market prices and can change as valuations move. The filing indicates staking generates recurring income that the company expects will provide revenue while market prices fluctuate.