Loss of the largest Ethereum holder exceeded $3.8 billion

The net loss of BitMine Immersion Technologies for the quarter ended February 28, 2026, reached $3.82 billion. The reason was the revaluation of its Ethereum reserves amid a prolonged market downturn.

For comparison: during the same period last year, the company lost $1.15 million. Over the past six months, total losses exceeded $9 billion, of which $3.78 billion were unrealized losses due to the decline in digital asset prices.

Despite the market downturn, BitMine continues to accumulate cryptocurrency. As of April 12, the company held 4.87 million $ETH worth approximately $10.7 billion. The average purchase price of the coin was $2,206.

BitMine is the largest corporate holder of Ethereum in the world. The company plans to gain control over 5% of the total supply of the coin. Currently, its share has reached 4.04%.

BitMine Chairman Tom Lee called the price decline an attractive opportunity to buy the asset amid strong fundamentals. In his view, the market is in the final stage of a “mini crypto winter,” and Ethereum’s price does not yet reflect its future utility in finance.

Growth in staking revenue

Despite overall losses, BitMine’s quarterly revenue increased from $1.5 million last year to $11.04 million this year.

Nearly $10 million of this amount came from Ethereum staking. The company locked 3.33 million $ETH — about 68% of its reserves. Expected annual revenue from this segment is estimated at $212 million at a current yield of 2.89%. The remaining revenue came from mining, consulting, and leasing contracts.

In addition to Ethereum, BitMine holds $719 million in cash and 198 BTC. The company also owns stakes in Beast Industries ($200 million) and Eightco Holdings ($85 million).

It is worth noting that on April 6, BitMine reported purchasing 71,252 $ETH worth $152 million over the week.

On April 9, the company’s shares began trading on the New York Stock Exchange.

See also: "TRON to become the first public blockchain with quantum-resistant security"

#BitMine #Ethereum (ETH) #Losses

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