ORBS

Leading Ethereum treasury firm BitMine Immersion Technologies lost more than $3.8 billion in the quarterly period ending on February 28, according to a new 10-Q the firm filed with the SEC on Tuesday. The firm’s net loss figure of $3.81 billion was largely driven by mounting unrealized losses from its Ethereum holdings, which accounted for nearly 99% of the firm’s reported losses. Over a longer timeframe, the losses are even greater, extending beyond $9 billion in the six-month span ending in February. “Our operating model is now anchored by our ETH treasury strategy and capital-light ecosystem services,” the firm wrote, adding that “ETH market conditions, which affect the value of our holdings and the economics of any staking or staking-adjacent activities,” are now a key driver of its results. The firm also posted an unrealized loss of around $21 million for its investment in Eightco (ORBS), a Worldcoin treasury firm that also provides investors exposure to private artificial intelligence giant and ChatGPT maker, OpenAI. (Disclosure: BitMine Chairman Tom Lee is an investor in Dastan, Decrypt's parent company.) All in, the results have soured substantially from the same period last year, when the firm reported a loss of just $1.15 million. The biggest culprit? Ethereum. The second-largest crypto asset, and the primary treasury vehicle for BitMine, has fallen nearly 53% from its August all-time high of $4,946, recently changing hands at $2,346. ETH was trading around $1,965 at the close on February 28, down from about $2,800 at the start of December. BitMine, which relentlessly adds to its holdings—including a $157 million ETH purchase reported earlier this week—now holds 4,874,858 ETH worth more than $11.3 billion. But that’s far less than it has paid to accumulate it, having purchased its first 4.47 million ETH for nearly $17 billion, according to its 10-Q. Tom Lee’s BitMine Makes Biggest Ethereum Buy Since December In other words, 92% of the firm’s total ETH holdings were accumulated with an average price of around $3,794 per ETH, or around 63% higher than the asset currently trades. The staggering losses have shrunk in recent days, as ETH has jumped around 4% in the last week of trading. Shares in the firm (BMNR), which were uplisted last week to the NYSE from the smaller NYSE American exchange, are up around 1% on Wednesday, recently changing hands at $...

Bitmine Immersion Technologies (NYSE: BMNR), the Ethereum (ETH) treasury company chaired by Wall Street legend Tom Lee, reported a net loss of $3.8 billion for the quarter ending Feb. 28, 2026. In contrast, the company reported a net loss of $1.15 million in the same quarter last year. As per the 10-Q filing with the Securities and Exchange Commission (SEC), the company posted a net loss of more than $9 billion for the six-month period ending Feb. 28. The net loss for the six-month period a year back stood at $2.1 million only. Related: World’s biggest YouTuber lands major investment from Wall Street veteran Bitmine's massive quarterly loss of $3.8 billion can be attributed to $3.78 billion in unrealized losses on its crypto holdings. As of Apr. 12, the company's holdings comprised of: 4,874,858 Ether worth $10.7 billion 198 Bitcoin (BTC) Beast Industries stake worth $200 million Eightco Holdings (NASDAQ: ORBS) stake worth $85 million Cash worth $719 million The way Michael Saylor's Strategy (Nasdaq: MSTR) is the world's largest Bitcoin treasury company, Tom Lee-chaired Bitmine is the world's largest Ethereum treasury company. 52% of American investors fear IRS penalties as April 15 deadline hits Billionaire Tim Draper doubles down on bold Bitcoin target Cathie Wood has brutal response to 50% Bitcoin crash However, Bitmine Immersion posted a quarterly revenue of $11.04 million, driven by $10.2 million in Ether staking revenue. As per the latest data from Apr. 13, the company has staked 3,334,637 Ether worth $7.4 billion, which accounts for 68% of Bitmine's total holdings. General and administrative (G&A) expenses hit $75 million for the quarter. Last week, the company switched from the NYSE American to the New York Stock Exchange as Lee said, However, the company's stock has lost approximately 60% of its value over the last six months. It was exchanging hands at $21.62 at the time of writing. Ethereum has lost around 45% of its value during the same period and was trading at $2,325.73 at press time. Related: Largest Ethereum holder launches ‘Made in America’ staking platform This story was originally published by TheStreet on Apr 15, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.