Last updated on May 12th, 2026 at 03:04 pm
BitMine Immersion Technologies has posted a $3.82 billion net loss in Q1 2026 from unrealized losses on its Ethereum (ETH) holdings. The company is beginning to look like the Ethereum version of Strategy, holding about 4.04% of the total ETH supply as it continues to expand its digital asset treasury and hold a top position in the Ethereum ecosystem.
The company’s latest 10-Q filing shows that this quarter’s net loss is much higher than the $1.15 million loss from the same time last year. Over six months, BitMine’s share count grew from 232 million to 494 million as it raised about $10 billion in equity to buy more ETH. As of April 12, BitMine owns 4.87 million ETH, worth around $10.7 billion, with an average purchase price of $2,206 per token.
🚨HUGE: BITMINE REPORTS $3.8B LOSS AMID ETH DRAWDOWN
Tom Lee’s BitMine Immersion Technologies, the LARGEST Ethereum Treasury which holds 4% of ETH supply, just reported a $3.82BILLION quarterly loss driven by unrealized ETH declines. pic.twitter.com/0YunT8kDIU
— The Crypto Johannes (@TheCryptoJonny) April 15, 2026
Shifting gears from mining to staking
While traditional self-mining revenue plummeted 86% year-over-year to just $219,000, BitMine’s strategic pivot to staking is yielding results. The firm reported quarterly revenue of $11.04 million, with staking rewards accounting for over $10.2 million of that total. Currently, 68% of its ETH holdings are staked, and the company projects that annualized staking revenue could reach $212 million at current yield levels.
BitMine’s chairman, Tom Lee, remains optimistic, suggesting the recent market pullback represents a “mini crypto winter” nearing its conclusion. The company has reportedly increased its purchase velocity over the last month, viewing the asset’s long-term utility as undervalued.
Ethereum treasury trend
This strategy mirrors a broader corporate shift toward digital asset treasuries seen throughout 2025 and 2026. While Bitcoin remains the primary choice for firms like Strategy, BitMine’s ETH strategy leverages staking benefits. By focusing on staking, BitMine uses its ETH holdings to create a recurring cash flow that can help meet corporate obligations. BitMine currently ranks as the largest corporate Ethereum treasury globally and the second-largest
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