Cryptocurrency treasury firm BitMine Immersion Technologies reported a net loss of over $3.8 billion for its quarter ending February 28, according to an SEC filing. The firm attributed nearly all of the losses to unrealized declines in the value of its massive Ethereum holdings. The company’s shares have fallen nearly 60% over the last six months despite a recent uplisting to the NYSE.
BitMine Immersion Technologies posted a staggering quarterly net loss exceeding $3.8 billion. According to its recent 10-Q filing, the firm’s unrealized Ethereum losses accounted for nearly 99% of that total.
The losses extend beyond $9 billion for the six-month period ending in February. This represents a severe downturn from the same quarter last year when the firm reported a loss of just $1.15 million.
The company stated its operating model is now anchored by its ETH treasury strategy. “ETH market conditions, which affect the value of our holdings and the economics of any staking or staking-adjacent activities,” are now a key driver of its results.
Ethereum has fallen nearly 53% from its August all-time high around $4,950. The asset was trading near $1,965 at the fiscal quarter’s close on February 28.
BitMine relentlessly adds to its holdings, including a $157 million ETH purchase reported this week. It now holds over 4.87 million ETH worth more than $11.3 billion.
The firm purchased its first 4.47 million ETH for nearly $17 billion. That translates to an average purchase price around $3,794 per ETH, roughly 63% higher than current prices.
BitMine also recorded an unrealized loss of around $21 million from its investment in Eightco (ORBS). Eightco is a Worldcoin treasury firm that provides exposure to OpenAI.
Shares of the firm, ticker BMNR, are up about 1% on Wednesday. They have nevertheless slid nearly 60% in the last six months and are down 20% year-to-date.
