Bitmine reported a net loss of $3.82 billion for the first quarter of 2026, driven primarily by $3.78 billion in unrealized mark-to-market declines on its cryptocurrency holdings. The result came despite higher staking revenue, as the company continued to expand its Ethereum position to approximately 4.87 million ETH, or just over 4% of the network’s supply.
Unrealized Losses Dominated Q1 Results
The quarterly loss was largely attributable to non-cash fair value adjustments on digital assets. Under fair value accounting, changes in the market price of cryptocurrencies are recognized in earnings each period, amplifying reported volatility during market drawdowns. Operating and other items accounted for the remainder of the loss.
Ethereum Position and Staking Income
Bitmine increased its Ethereum holdings during the quarter and now holds about 4.87 million ETH, representing slightly more than 4% of circulating supply. The company also reported a rise in staking income, reflecting rewards earned for participating in Ethereum’s proof-of-stake validation process. While staking revenue provided an offset, it was insufficient to counteract the quarter’s mark-to-market declines.
Key Figures
- Q1 2026 net loss: $3.82 billion
- Unrealized crypto declines: $3.78 billion
- Ethereum holdings: 4.87 million ETH (just over 4% of supply)