Bitmine Immersion Technologies (NYSE: BMNR) reported a $9.1 billion net loss for the nine months ending May 31, 2026. A $9.0 billion unrealized, non-cash markdown on digital asset holdings drove the majority of this loss. Falling Ethereum prices triggered the valuation adjustment. The company also recorded a $133.3 million net loss on derivative contracts.
Third-quarter revenue surged over 2,000% to $46.5 million. Ethereum staking activities generated approximately 98% of this total. The company is nearly finished transitioning its primary business engine from Bitcoin mining to Ethereum staking.
Bitmine held over 5.4 million ETH valued at approximately $10.9 billion as of the reporting date. The company raised $11.86 billion through its at-the-market equity program during the nine-month period to fund its treasury expansion.