Bitmine Immersion Technologies (NYSE:BMNR) posted a $3.82 billion net loss for the quarter ended February 28 driven by unrealized losses on its Ethereum (CRYPTO: ETH) holdings, as the stock builds a base near $20-$22.
The Unrealized Loss
Bitmine’s reported net loss widened from a net loss of $1.15 million in the same period last year.
The six-month net loss exceeded $9 billion compared to $2.1 million in the year-ago period.
The losses came largely from $3.78 billion in unrealized losses on the company’s digital asset holdings.
Meanwhile, Bitmine has continued to increase its ETH holdings even through the extended crypto downturn since late 2025.
As of April 12, Bitmine held 4.87 million ETH in its treasury, valued at approximately $10.7 billion.
The company is the largest corporate Ethereum treasury globally and the second-largest corporate crypto treasury overall behind Strategy