Bitmine reports $6.3 billion net loss as ether falls 44%

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Bitmine reports $6.3 billion net loss as ether falls 44%

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Ethereum

Bitmine Immersion Technologies reported a net loss of more than $6.3 billion for the fiscal year ended Aug. 31, 2026, as ether's price fell. Bitmine said it has accumulated 6,070,092 ETH.

Tom Lee-led Bitmine Immersion Technologies reported a net loss of more than $6.3 billion for the fiscal year ended Aug. 31, 2026, due to a decline in the value of ether. In the prior fiscal year, the firm reported a net income of $348.6 million.

Unrealized losses on ETH holdings drive the result

According to the company's Form 10-K filed with the Securities and Exchange Commission, nearly $6.23 billion of the net losses came from unrealized fair value losses on digital asset holdings. As of the end of August, Bitmine held 5,901,837 ETH with a fair value of $14.6 billion, plus 211 BTC at a fair value of $16.6 million.

Ether dropped around 44% in the fiscal year, falling from approximately $4,390 to $2,466.

The company said that, because it measures digital assets at fair value and recognizes changes in earnings, ETH price changes are expected to continue to cause significant volatility in its reported results, stockholders' equity and financial condition.

Share sales and staking revenue

During the fiscal year, Bitmine sold 395.1 million shares of common stock through its at-the-market offering program, raising $13.2 billion in gross proceeds. It also repurchased 20.8 million shares at an average price of $17 per share.

Revenue from staking and validation accounted for 97% of total revenue, Bitmine said. The firm added that the decline in ETH's value also adversely affected staking revenue, because rewards arrive in the cryptocurrency. Yearly revenue came to $124.8 million.

Accumulation continues toward a 5% target

Bitmine keeps buying ether despite the paper losses. According to its Monday press release, the company has accumulated 6,070,092 ETH, reaching 4.97% of the token's supply.

Chairman Tom Lee said Bitmine would stop accumulating once it reaches the "Alchemy of 5%" target it set when it launched its Ethereum treasury strategy in June 2025.

Source: The Block

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