BitMine Immersion Technologies reported a $3.82 billion net loss for the quarter ended Feb. 28 in a 10-Q filed Tuesday, offering a stark look at how volatile public crypto treasury accounting has become when large ether positions are marked to market each quarter.

The filing shows BitMine generated $11.0 million in quarterly revenue, with $10.2 million coming from staking and just $219,000 from self-mining. Operating expenses were dominated by a $3.78 billion unrealized loss on digital asset holdings, while general and administrative expenses reached $75.0 million.

BitMine also kept scaling its balance sheet aggressively. Shares outstanding rose to 493.9 million from 232.3 million at Aug. 31, and additional paid-in capital climbed to $18.55 billion from $8.36 billion. At quarter end, the company reported $8.81 billion in digital assets and $879.6 million in cash and cash equivalents.

A separate April 13 exhibit filed with an 8-K said BitMine held 4,874,858 ETH as of April 12 at an average purchase price of $2,206 per token, with 3,334,637 ETH staked through MAVAN and its staking partners. That suggests the company continued adding ether after the quarter closed.

Taken together, the filings show BitMine’s pivot away from mining and toward an ETH treasury plus staking model is still accelerating, but they also show how quickly paper gains and losses can overwhelm operating results for publicly traded crypto balance sheets.