Bitmine Quarterly Report: ETH Staking Income Grows 7x, but a Price Drop Turns into a $3.8 Billion Quarterly Loss

Bitmine Immersion Technologies (NYSE: BMNR) filed its Form 10-Q quarterly report with the U.S. Securities and Exchange Commission (SEC) on April 14, disclosing its financial position as of February 28, 2026. Despite a sharp increase in staking revenue, the decline in the price of ETH led to unrealized losses of $3.78 billion, resulting in a net loss of $3.82 billion for the quarter.

Revenue grew by 7x, but the losses are even more staggering

Bitmine’s quarterly revenue increased from $1.52 million in the prior-year quarter to $11.04 million, more than 7-fold, driven mainly by ETH staking revenue ($10.20 million). However, the revenue growth was completely offset by unrealized losses caused by the decline in the price of ETH.

Project Q1 FY2026 (as of 2/28) Prior-year quarter Revenue $11.04M 19283746565.75T Digital asset unrealized loss -$3.78B — Net loss -$3.82B — Unrealized loss cumulative for six months -$9.02B —

Balance sheet: $9.89 billion in assets, $8.8 billion in digital assets

As of February 28, Bitmine’s total assets were $9.89 billion, of which digital assets accounted for $8.81 billion (including 4,473,459 ETH and 195 BTC). Cash and cash equivalents were $880 million. Shareholders’ equity was $9.86 billion, with approximately 538 million shares outstanding.

Notably, Bitmine’s latest announcement (as of April 12) shows that its ETH holdings have risen to 4,874,858 ETH, up by approximately 400k from the figure in the February-end financial report, continuing to execute the cumulative strategy of “Alchemy of 5%.”

Shifting from mining to ETH treasury management

The 10-Q report clearly reveals the direction of Bitmine’s strategic shift: moving from a capital-intensive mining business to long-term ETH treasury management, staking revenue, and Ethereum ecosystem services. Staking revenue (annualized at about $310 million) is becoming the company’s core revenue source, but it still currently falls far short of offsetting the mark-to-market profit and loss changes driven by ETH price volatility.

Takeaways for investors

Bitmine’s 10-Q clearly demonstrates the two-sided nature of a “crypto treasury strategy.” On the revenue side, staking brings stable, growing cash flows; but on the asset side, concentrated holdings in a single asset make the book value highly dependent on the ETH price. The $9.02 billion of cumulative unrealized losses over six months is nearly equal to the scale of the company’s total assets—meaning that for every 1% drop in the ETH price, Bitmine’s book assets shrink by nearly $100 million.

This is the same kind of structural risk faced by the Bitcoin treasury strategy of Strategy (formerly MicroStrategy): in bull markets, book gains are astounding, and in bear markets, losses are just as severe. The difference is that Bitmine has at least staking revenue as a buffer, while Strategy’s BTC holdings generate no cash flows.

This article Bitmine quarterly report: ETH staking revenue grows 7x, but the price drop leads to a $3.8 billion loss in the quarter first appeared on 链新闻 ABMedia.