Bitmine Immersion Technologies (NYSE:BMNR) posted a $3.82 billion net loss for the quarter ended February 28 driven by unrealized losses on its Ethereum (CRYPTO: ETH) holdings, as the stock builds a base near $20-$22.

The Unrealized Loss

Bitmine’s reported net loss widened from a net loss of $1.15 million in the same period last year. 

The six-month net loss exceeded $9 billion compared to $2.1 million in the year-ago period.

The losses came largely from $3.78 billion in unrealized losses on the company’s digital asset holdings. 

Meanwhile, Bitmine has continued to increase its ETH holdings even through the extended crypto downturn since late 2025.

As of April 12, Bitmine held 4.87 million ETH in its treasury, valued at approximately $10.7 billion. 

The company is the largest corporate Ethereum treasury globally and the second-largest corporate crypto treasury overall behind Strategy (NASDAQ:MSTR).

The Buying Rationale

Bitmine Chairman Tom Lee said the firm has maintained an increased pace of ETH purchases over the past four weeks as it expects Ether to be in the final stages of a “mini crypto winter.”

“Bitmine has been buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” Lee said in a March statement. 

“In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance,” he further added.

Lee noted the Iran war entering its seventh week remains the most important driver of global markets.

The Revenue Growth

Bitmine posted $11.04 million in total revenue for the three months ended February 28, up from $1.5 million in the same period in 2025. Around $10 million came from ETH staking rewards.

The company has staked 3,334,637 ETH, or approximately 68% of Bitmine’s total holdings, projecting $212 million in annualized revenue based on a 2.89% seven-day yield from its staking operations.

Beyond Ether holdings, Bitmine held $719 million in cash as of April 12, along with 198 Bitcoin, a $200 million stake in Beast Industries, and an $85 million stake in Eightco Holdings (NASDAQ:ORBS).

The Base Building

BMNR stock price now consolidates at the lower boundary near $20-$22 within a descending channel.

The channel’s lower trendline is rising, suggesting the floor is gradually moving up. The Supertrend at $22.86 and 50 EMA at $22.16 sit just overhead as immediate resistance. 

Key support sits at $20.74 (20 EMA), then $18.00 (channel floor). Resistance clusters at $22.16 (50 EMA), then $22.86 (Supertrend), then $25.86 (100 EMA), then $29.60.

A clean break above $23 with volume is the trigger bulls are waiting for.

Image: Shutterstock