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Bitmine Immersion Technologies reported a $6.31 billion net loss for its fiscal year ended Aug. 31, 2026, driven mainly by a $6.23 billion unrealized loss on its cryptocurrency holdings as ether’s price fell about 44% over the period, according to Bitcoin.com News. The result reverses a $348.6 million profit in the prior fiscal year.
The company’s annual filing with the SEC shows the unrealized cryptocurrency loss followed an $805 million unrealized gain in fiscal 2025. Ether dropped from $4,391.91 on Aug. 31, 2025, to $2,467.65 on Aug. 31, 2026, according to historical price data cited by Bitcoin.com News.
Also read: BitMine Tops 6 Million ETH After $47M Weekly Buy
Key facts
- Bitmine recorded a $6.31 billion net loss for fiscal 2026 against a $348.6 million profit the year before, per its Form 10-K filed with the SEC.
- At fiscal year-end the company held 5,901,837 ETH with a cost basis of $19.95 billion and a fair market value of $14.56 billion.
- Annual revenue rose to $124.8 million from $6.1 million, including $121.4 million from staking and validation.
- Holdings reached 6,070,092 ETH as of Nov. 8, or roughly 4.97% of circulating supply, after a purchase of 9,587 ETH worth about $20 million.
- Bitmine reported approximately 5.23 million ETH staked as of Nov. 8, generating an estimated $309 million in annualized staking revenue.
Ether exposure drives the loss
The filing attributed about $6.22 billion in negative fair-value adjustments to Bitmine’s ETH holdings, alongside a much smaller loss on bitcoin. The difference between the $5.39 billion shortfall against the cost of its remaining ether and the annual unrealized loss reflects continued ETH purchases during the reporting period, Bitcoin.com News reported.
Operating costs also weighed on the result. General and administrative expenses reached $376.9 million, above total revenue, and the company booked $143.7 million in losses on derivative contracts and a $22.9 million decline in the value of its Eightco Holdings investment.
Cointelegraph reported that Bitmine’s balance sheet at fiscal year-end included $15.4 billion in total assets and $33.7 million in liabilities, alongside $545 million in cash and cash equivalents, 211 bitcoin valued at $16.6 million, $186 million in Beast Industries shares and $77 million in Eightco Holdings shares. Cointelegraph also noted that revenue topped the $119.8 million average analyst estimate listed by Yahoo Finance, with staking and validation accounting for 97% of the total.
Share reaction and the 5% target
Bitmine shares closed 2.8% lower at $18.08 on Tuesday, extending their year-to-date decline to 33%, according to Cointelegraph, which noted the 10-K was filed after the market closed. Bitcoin.com News reported that the company repurchased about 22.9 million of its own shares for $399.6 million during 2026.
The company remains close to its stated goal of holding 5% of ether’s circulating supply. The Monday update that disclosed the latest ETH purchase put it about 40,000 ETH short of that milestone, and the company has said it will stop buying once it is reached. At a keynote at Token2049 in Singapore on Oct. 7, Chairman Tom Lee described 5% of ether’s supply as a “hard cap” for the company’s holdings, Cointelegraph reported. Bitcoin.com News also reported that Lee praised Ethereum co-founder Vitalik Buterin’s recent characterization of ETH as a store of value.
Why it matters
Bitmine is the largest corporate holder of ether, and its results show how concentrated treasury strategies transmit price moves directly into reported earnings even when no tokens are sold. The swing from a profit to a multibillion-dollar loss in a single year illustrates the accounting sensitivity of holding a large ETH position measured at fair value.
What to watch
Investors will track whether Bitmine closes the roughly 40,000 ETH gap to its 5% target and whether staking revenue of the scale disclosed in the filing continues to offset mark-to-market swings in its ether position. The company’s next portfolio update and quarterly disclosures will show how the holdings are valued after the fiscal year-end.
This article is not financial advice, and cryptocurrency markets are volatile and uncertain.
Reported by Bitcoin.com News.
Sources: Bitcoin.com News, Cointelegraph