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.
Also Read: Crypto Bank Sygnum Plans EU and Asia Expansion Following Profitable First Half of 2024
Staking Has Replaced Mining Revenue
An important development in 2026 is that BitMine’s traditional mining business has become increasingly irrelevant. Self-mining revenue fell sharply year-over-year, while staking generated more than $10 million of the company’s roughly $11 million in quarterly revenue. The shift highlights a broader trend among crypto infrastructure firms as Ethereum staking becomes a more significant source of income than proof-of-work mining.
The transition also reflects the growing institutionalization of Ethereum. Rather than earning revenue from mining equipment, firms are increasingly generating yield through staking large ETH reserves and participating directly in network validation.
Enjoyed this? Bookmark DeFi Planet, explore related topics, and follow us on Twitter, LinkedIn, Facebook, Instagram, Threads, and CoinMarketCap Community for seamless access to high-quality industry insights
Take control of your crypto portfolio with DEFI PLANET PRO, DeFi Planet’s suite of analytics tools.
