Bitmine: The Ethereum Giant’s $3.8B Quarterly “Paper Loss”
BlockchainSeoul1 min read·Just now--
Headline: Bitmine Immersion Technologies Reports $3.8B Q1 Loss as its Pivot to Ethereum Staking Intensifies
Bitmine is rapidly evolving into what many call the “MicroStrategy of Ethereum.” In its latest 10-Q filing, the company revealed a massive transformation, doubling its share count in just six months and raising over $10 billion to accumulate nearly 5% of the total ETH supply.
The Numbers Behind the Strategy
As of mid-April 2026, Bitmine holds 4.87 million ETH with an average cost basis of $2,206. While this makes it the world’s largest corporate Ethereum treasury, the company reported a $3.8 billion net loss for the quarter.
However, context is key: this loss isn’t from selling ETH. Instead, it reflects fair-value accounting rules adopted in 2024. Despite the paper loss, Bitmine’s position remains in profit relative to its entry price.
From Mining to Staking
The firm’s operational shift is now complete. Self-mining revenue has collapsed by 86%, while staking now accounts for over 90% of its $11 million quarterly revenue. The primary concern for investors remains the soaring general and administrative (G&A) expenses, which hit $75 million this quarter — a sharp contrast to its operating income.
