BitMine Immersion Technologies reported a net loss of $9.1 billion for the nine months ended May 31, 2026, even as revenue from Ethereum staking accounted for nearly all of its income, according to the company’s quarterly filing with the SEC.
Two Numbers That Only Make Sense Together
The filing lays out a business defined by a stark contrast. Revenue from staking and validation reached $56.9 million over the nine-month period, out of total revenue of $59.9 million — roughly 95% of the top line, rising to about 98% in the fiscal third quarter alone.
Against that sat a net loss of $9.1 billion, or $20.51 per share. The deficit was driven almost entirely by a $9.04 billion unrealized loss on the company’s digital asset holdings, a non-cash charge reflecting the decline in ETH’s market price over the period.
The operating business, in other words, is a fraction of the treasury swing. BitMine earns tens of millions from staking while its income statement moves by billions on ETH’s mark-to-market price.
How the Loss Was Built
The scale of the loss traces to the gap between what BitMine paid for its ETH and what it is now worth. As of May 31, the company held 5,416,945 ETH at a cost basis of $19.05 billion, carried at a fair value of $10.86 billion.
That roughly $8.2 billion shortfall on the ETH position, combined with mark-to-market movement across the period, flows directly into GAAP earnings under fair-value accounting rules. No ETH was sold; the loss is unrealized.
The company also holds 203 BTC, carried at $14.9 million against a $22.2 million cost, and a small basket of other digital assets. Total digital assets stood at $10.87 billion at period end.
A Business Now Built on Staking
The revenue mix confirms a transformation BitMine has pursued for a year: the near-total shift from Bitcoin mining to Ethereum staking. Self-mining contributed just $845,000 over the nine months, down sharply, while consulting and leasing added only modest amounts.
That staking income runs through MAVAN, the company’s Made in America Validator Network, in which BitMine holds a 98% interest. The remaining 2% is held by Ethereum Tower LLC. The platform stakes the large majority of BitMine’s ETH and is being positioned to serve outside institutions, custodians, and ecosystem partners.
The distinction matters for how BitMine’s model differs from Bitcoin treasury companies. Staked ether generates yield that bitcoin does not, giving BitMine a recurring revenue stream—albeit one dwarfed, this quarter, by the price movement on the underlying asset.
Pier Two and an Options Strategy
The quarter brought two structural additions. In March, BitMine acquired Pier Two, an Australian blockchain infrastructure and validator company, for total consideration of about $27.8 million, folding it into the MAVAN platform to expand staking and validator operations. The deal added $14.7 million in goodwill and $11.2 million in intangible assets.
Separately, the filing discloses that BitMine began entering ETH-denominated option contracts during the period, primarily selling put options as part of its treasury strategy. Those derivatives produced a $133.3 million net loss over the nine months, a further source of earnings volatility tied to ETH.
Liquidity and the Road Ahead
Despite the headline loss, BitMine reported no debt concerns in the filing and said it expects sufficient liquidity to fund operations for at least the next 12 months. It held $340.3 million in cash at period end, down from $512 million, having deployed $11.7 billion into digital asset purchases over the nine months, funded largely through $11.9 billion raised under its at-the-market equity program.
The company disclosed material weaknesses in its internal control over financial reporting, which it said it is working to remediate. It also flagged, among its risk factors, the concentration of revenue in ETH staking and its dependence on ETH’s price—the two forces this quarter’s results place in sharp relief.
Whether BitMine’s staking-driven model vindicates itself depends on the variable the filing makes unavoidable: the price of the asset that generates almost all its revenue and nearly all its losses. That question is one for the market, not the balance sheet.
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