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Shares of Palantir (PLTR) rose nearly 4% in recent trading, helping the defense-technology company recover some of its recent losses amid investor concerns about competition from Anthropic. The stock received additional attention after President Donald Trump posted on social media on Friday that Palantir “has proven to have great war…
Bitmine Immersion Technologies reported a sharp deterioration in profitability in its latest quarterly earnings, posting a net loss driven primarily by unrealized declines in the value of its digital asset holdings, even as revenue rose substantially.
In a 10-Q filed Tuesday, the Ethereum (ETH) treasury company reported a net loss of $3.82 billion for the quarter ended Feb. 28, 2026. This compares with a net loss of $1.15 million in the same quarter a year earlier.
For the six-month period ended Feb. 28, the company’s net loss exceeded $9 billion, versus a net loss of $2.1 million in the year-ago period.
The quarterly losses were largely attributed to $3.78 billion in unrealized losses on Bitmine’s digital asset holdings.
Despite the broader crypto market downturn that began in late 2025, Bitmine continued increasing its ETH holdings. As of April 12, the company held 4.87 million ETH, valued at approximately $10.7 billion.
Bitmine said it is the largest corporate Ethereum treasury globally and the second-largest corporate crypto treasury overall behind Strategy. The company’s ETH was purchased at an average price of $2,206 per ETH.
Bitmine Chairman Tom Lee said in a March statement that the firm has been buying Ethereum, describing the pullback as “attractive” due to what it views as strengthening fundamentals. Lee also said the price of ETH does not reflect the “high utility of ETH and its role as the future of finance.”
Lee added that the firm maintained an increased pace of ETH purchases over the past four weeks, expecting ether to be in the final stages of a “mini crypto winter.” He also cited the Iran war as a key driver of global markets.
Revenue increased in the quarter, supported by ETH staking. For the three months ended Feb. 28, Bitmine reported total revenue of $11.04 million, up from $1.5 million in the same period in 2025.
About $10 million of the quarter’s revenue came from ETH staking rewards. The remainder was attributed to other business lines including leasing, consulting, and self-mining.
Lee said the company has staked 3,334,637 ETH—about 68% of its total holdings—projecting $212 million in annualized revenue based on a 2.89% seven-day yield from its staking operations.
Beyond its ETH holdings, Bitmine reported $719 million in total cash as of April 12. It also held 198 bitcoin, a $200 million stake in Beast Industries, and an $85 million stake in Eightco Holdings, which trades on the Nasdaq under the symbol ORBS.
Last week, Bitmine uplisted its shares to the New York Stock Exchange from NYSE American. The stock closed down 0.14% at $21.48 on Tuesday.
Bitmine has a target of controlling 5% of the total ether supply. It reported being at 4.04% as of Monday.
According to The Block’s Ethereum price page, ETH was trading at $2,322 as of 11:20 p.m. on Tuesday, ET. The report noted that ETH has fallen notably since last August’s all-time high of $4,946.
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