Bitmine Immersion Technologies (NYSE: BMNR), the Ethereum (ETH) treasury company chaired by Wall Street legend Tom Lee , reported a net loss of $3.8 billion for the quarter ending Feb. 28, 2026.
In contrast, the company reported a net loss of $1.15 million in the same quarter last year.
As per the 10-Q filing with the Securities and Exchange Commission (SEC), the company posted a net loss of more than $9 billion for the six-month period ending Feb. 28.
The net loss for the six-month period a year back stood at $2.1 million only.
Related: World's biggest YouTuber lands major investment from Wall Street veteran
Bitmine incurs unrealized crypto losses
Bitmine's massive quarterly loss of $3.8 billion can be attributed to $3.78 billion in unrealized losses on its crypto holdings.
As of Apr. 12, the company's holdings comprised of :
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4,874,858 Ether worth $10.7 billion
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198 Bitcoin (BTC)
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Beast Industries stake worth $200 million
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Eightco Holdings (NASDAQ: ORBS) stake worth $85 million
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Cash worth $719 million
The way Michael Saylor's Strategy (Nasdaq: MSTR) is the world's largest Bitcoin treasury company, Tom Lee-chaired Bitmine is the world's largest Ethereum treasury company.
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Bitmine stock and Ether struggle on price charts
However, Bitmine Immersion posted a quarterly revenue of $11.04 million, driven by $10.2 million in Ether staking revenue. As per the latest data from Apr. 13, the company has staked 3,334,637 Ether worth $7.4 billion, which accounts for 68% of Bitmine's total holdings.
General and administrative (G&A) expenses hit $75 million for the quarter.
Last week, the company switched from the NYSE American to the New York Stock Exchange as Lee said,
"Bitmine achieved a major milestone by being uplisted to the 'Big Board' NYSE."
However, the company's stock has lost approximately 60% of its value over the last six months. It was exchanging hands at $21.62 at the time of writing.
Ethereum has lost around 45% of its value during the same period and was trading at $2,325.73 at press time.
Related: Largest Ethereum holder launches 'Made in America' staking platform
This story was originally published by TheStreet on Apr 15, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
