BitMine’s quarterly net loss was $3.81 billion, with ETH’s unrealized losses accounting for 99%

BitMine Immersion Technologies filed its quarterly financial report (10-Q) for the period ended February 28 with the U.S. Securities and Exchange Commission (SEC) on Tuesday, April 15, disclosing a net loss of $3.81 billion for the quarter. According to the 10-Q filing, more than 99% of the loss came from unrealized mark-to-market accounting losses related to the company’s Ethereum (ETH) holdings.

Key Financial Data from the 10-Q

(Source: SEC)

According to BitMine Immersion Technologies’ 10-Q report filed with the SEC on April 15, 2026, the key financial figures are as follows:

Net loss for the quarter ended February 28, 2026: $3.81 billion

Cumulative loss for the six months ended February 28, 2026: more than $9 billion

Net loss for the same period in 2025: $1.15 million

Unrealized loss on Eightco (ORBS) holdings: approximately $21 million

In the 10-Q filing, the company said: “Our operating model is now based on an Ethereum treasury strategy and a light-capital ecosystem services model,” and pointed out that “Ethereum market conditions affect the value of the assets we hold” as a key driver of performance.

Size of ETH Holdings, Cost Basis, and Latest Purchase Record

Based on the 10-Q filing and the company’s disclosures, as of the time of writing, BitMine holds 4,874,858 ETH. Using ETH’s trading price of approximately $2,208 on Monday, April 14, 2026, the market value of the holdings is more than $10.7 billion.

The company originally bought 4.47 million ETH for about $17 billion, with an average purchase cost of approximately $3,794 per ETH, accounting for 92% of its current holdings. As of the ETH closing price on February 28, which was approximately $1,965, it is about 48% below the average cost. After ETH reached an all-time high of $4,946 in August 2025, it continued to fall; as of the recent trading price of about $2,346, it is down about 53% from the high. ETH is up about 4% over the past week, and its book losses have narrowed somewhat compared with the end of the quarter.

According to a Decrypt report, BitMine bought 71,524 ETH last week, spending approximately $157 million, marking its largest weekly purchase since December 2025. Decrypt also disclosed that Tom Lee, BitMine’s chairman, is an investor in Dastan, Decrypt’s parent company.

BMNR Stock: Upgraded to the Main Board and Recent Performance

Based on public market data, BitMine upgraded its shares (ticker: BMNR) from NYSE American (NYSE American) to the NYSE main board last week. BMNR rose by about 1% on Wednesday, April 16, 2026, with the latest quote at $21.69; it is down about 60% over the past six months and down about 20% year-to-date in 2026.

Frequently Asked Questions

What was BitMine’s exact net loss during the quarter ended February 28, 2026?

According to BitMine Immersion Technologies’ 10-Q report filed with the SEC on April 15, 2026, its net loss for the quarter was $3.81 billion, of which more than 99% came from unrealized mark-to-market accounting losses on ETH holdings.

How much ETH does BitMine currently hold, and what is its average purchase cost?

Based on the company’s latest disclosures, BitMine holds 4,874,858 ETH, with an average purchase cost of approximately $3,794 per ETH. Based on recent market prices, the market value of the holdings is more than $10.7 billion.

Which exchange is BMNR stock currently traded on?

Based on public market data, BMNR has recently been upgraded to trade on the NYSE main board. As of April 16, 2026, the quoted price is $21.69, and the cumulative decline over the past six months is approximately 60%.