Wall Street legend's firm reports $3.8 billion in quarterly loss

Bitmine Immersion Technologies (NYSE: BMNR), the Ethereum (ETH) treasury company chaired by Wall Street legend Tom Lee, reported a net loss of $3.8 billion for the quarter ending Feb. 28, 2026.

In contrast, the company reported a net loss of $1.15 million in the same quarter last year.

As per the 10-Q filing with the Securities and Exchange Commission (SEC), the company posted a net loss of more than $9 billion for the six-month period ending Feb. 28.

The net loss for the six-month period a year back stood at $2.1 million only.

Related: World’s biggest YouTuber lands major investment from Wall Street veteran

Bitmine incurs unrealized crypto losses

Bitmine's massive quarterly loss of $3.8 billion can be attributed to $3.78 billion in unrealized losses on its crypto holdings.

As of Apr. 12, the company's holdings comprised of:

• 4,874,858 Ether worth $10.7 billion
• 198 Bitcoin (BTC)
• Beast Industries stake worth $200 million
• Eightco Holdings (NASDAQ: ORBS) stake worth $85 million
• Cash worth $719 million

The way Michael Saylor's Strategy (Nasdaq: MSTR) is the world's largest Bitcoin treasury company, Tom Lee-chaired Bitmine is the world's largest Ethereum treasury company.

Trending on TheStreet Roundtable:

• 52% of American investors fear IRS penalties as April 15 deadline hits
• Billionaire Tim Draper doubles down on bold Bitcoin target
• Cathie Wood has brutal response to 50% Bitcoin crash

Bitmine stock and Ether struggle on price charts

However, Bitmine Immersion posted a quarterly revenue of $11.04 million, driven by $10.2 million in Ether staking revenue. As per the latest data from Apr. 13, the company has staked 3,334,637 Ether worth $7.4 billion, which accounts for 68% of Bitmine's total holdings.

General and administrative (G&A) expenses hit $75 million for the quarter.

Last week, the company switched from the NYSE American to the New York Stock Exchange as Lee said,

"Bitmine achieved a major milestone by being uplisted to the 'Big Board' NYSE."

However, the company's stock has lost approximately 60% of its value over the last six months. It was exchanging hands at $21.62 at the time of writing.

Ethereum has lost around 45% of its value during the same period and was trading at $2,325.73 at press time.

Related: Largest Ethereum holder launches ‘Made in America’ staking platform