Bitmine Immersion Technologies has transformed itself into the Ethereum version of the strategy, doubling its outstanding shares in six months and raising over $10 billion in equity to amass nearly 5% of all ether in existence.
it reported a quarterly net loss of $3.8 billion in Tuesday’s 10-Q filing, with share count falling from 232 million to 494 million between Aug. 31 and Feb. 28.
Additional paid-in capital jumped from $8.36 billion to $18.55 billion in the same period, and these funds went directly into ETH.
As of April 12, Bitmine had 4.87 million ether at an average price of $2,206 per ether. token, making it the largest corporate Ethereum treasury globally and the second largest corporate crypto treasury behind Strategy.
The stakes are underwater, but not by much. Ether traded near $2,325 on Wednesday, about 5% above Bitmine’s average entry. The $3.78 billion in unrealized losses on the quarter’s earnings statement reflects the pullback from the token’s August 2025 highs near $4,900, not a loss from its cost basis.
Under fair value accounting rules adopted in 2024, these mark-to-market fluctuations flow through the P&L regardless of whether the company has made any sales.
But the transformation from mining company to leveraged ETH liquidity creates its own pressures.
Self-extraction revenue collapsed 86% year-over-year to $219,000 in the quarter. Staking has replaced it entirely, generating $10.2 million of the company’s $11 million in total quarterly revenue.
General and administrative expenses hit $75 million for the quarter, up from $964,000 a year earlier. For the full six-month period, G&A reached $298.6 million against just $13.3 million in revenue. Some of that likely reflects stock-based compensation tied to the equity raises, but the gap between operating expenses and operating income is significant for a company whose core product now holds and stakes a single token.
The report also reveals derivatives exposures that were not previously detailed.
Bitmine posted $65.3 million in unrealized losses on derivatives and $24.1 million in option premium income during the quarter, suggesting the company is running option strategies on its ETH holdings, possibly covered calls to generate additional returns.
Chairman Tom Lee said in March that the company views the ether pullback as “attractive given the strengthening fundamentals,” and noted on Monday that Bitmine has accelerated its buying pace over the past four weeks.
Bitmine had $879.6 million in cash as of February 28, along with 198 bitcoin, a $200 million stake in Beast Industries and an $85 million position in Eightco Holdings.
