Bitmine Immersion Technologies pulled roughly 98% of its $46.5 million in quarterly revenue from ethereum staking, according to its latest SEC filing. The pivot away from bitcoin mining leaves the firm holding 5.4 million ether worth $10.85 billion — and exposed a $83.6 million net loss.
Bitmine Immersion Technologies has rebuilt itself around ethereum. The company generated $45.7 million from ethereum staking in the third quarter of fiscal 2026, a business it did not run a year earlier, when staking revenue was zero.
Staking and validation work made up about 98% of the firm's $46.5 million total quarterly revenue, the company disclosed in its Form 10-Q for the period ending May 31, 2026. A year earlier it leaned entirely on mining equipment leases and self-mining, and its bitcoin mining revenue dropped significantly over the same stretch.
A treasury built on ether
Bitmine now holds 5,416,945 ether with a fair market value of $10.85 billion, alongside a legacy reserve of 203 bitcoin worth roughly $14.9 million. To fund that accumulation, the firm ran an at-the-market equity program, selling over 340 million shares of common stock for $11.86 billion in net proceeds during the nine months ending May 31.
The transition accelerated with the March 2026 acquisition of Pier Two Holdings Pty Ltd., an Australian blockchain infrastructure company, for $27.8 million in preliminary consideration of cash, stock, and deferred payments. Bitmine folded Pier Two into MAVAN, its institutional staking platform.
Revenue up, but a heavy loss
Gross revenue surged, yet Bitmine reported a net loss of $83.6 million for the quarter. The company tied that shortfall to a $15.4 million unrealized deficit on digital asset holdings and a $92 million net loss on ether options. Operating costs climbed too: general and administrative expenses reached $37.2 million, up from $744,000 a year earlier.
The firm warned that its financial health now depends heavily on Ethereum network conditions, shifting staking yields, and possible regulatory action on how digital assets are classified in the United States. After the quarter closed, Bitmine completed a $273.8 million public offering of Series A Preferred Stock in early June to support its treasury strategy.
Source: Bitcoin News
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