Ethereum treasury firm Bitmine reports $3.8 billion Q1 loss in latest filing
The largest corporate ether holder posted a $3.8 billion quarterly loss as its pivot from mining to ETH accumulation continues.
What to know:
- Bitmine Immersion Technologies has rapidly transformed from a mining firm into a leveraged Ethereum treasury, doubling its share count in six months and raising more than $10 billion to accumulate nearly 5% of all ether.
- The company now holds 4.87 million ether at an average cost of $2,206 per token, making it the largest corporate Ethereum holder, but it reported a $3.8 billion quarterly net loss driven by fair-value accounting and derivatives losses rather than realized losses on its ETH stake.
- Bitmine’s operating business has largely shifted to staking, which generated almost all of its $11 million in quarterly revenue, while general and administrative expenses have soared to $75 million for the quarter, underscoring a sharp mismatch between costs and operating income.
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.
