Bitmine Immersion Technologies has turned itself into the Ethereum version of 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 $3.8 billion quarterly net loss in Tuesday’s 10-Q filing, with share count going from 232 million to 494 million between August 31 and February 28.
Additional paid-in capital jumped from $8.36 billion to $18.55 billion over the same period, and those funds went straight into ETH.
As of April 12, Bitmine held 4.87 million ether at an average cost of $2,206 per token, making it the largest corporate Ethereum treasury globally and the second-largest corporate crypto treasury behind Strategy.
The bet is underwater but not by much. Ether traded near $2,325 on Wednesday, roughly 5% above Bitmine’s average entry. The $3.78 billion in unrealized losses on the quarter’s income statement reflects the drawdown 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, those mark-to-market swings flow through the P&L regardless of whether the company has sold anything.
But the transformation from mining company to leveraged ETH treasury play is creating its own set of pressures.
Self-mining revenue collapsed 86% year-over-year to $219,000 for 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 costs and operating revenue is stark for a company whose core product is now holding and staking a single token.
The filing also reveals derivatives exposure that wasn’t previously detailed.
Bitmine booked $65.3 million in unrealized losses on derivatives and $24.1 million in option premium income during the quarter, suggesting the company is running options strategies on its ETH holdings, possibly covered calls to generate additional yield.
Chairman Tom Lee said in March that the company views the ether pullback as “attractive, given the strengthening fundamentals,” and noted Monday that Bitmine has accelerated its buying pace over the past four weeks.
Bitmine held $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.
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