Bitmine Reports $6.3B Fiscal 2026 Loss as Ether Prices Slide

Bitmine Immersion Technologies reported a $6.3 billion net loss for the fiscal year ended Aug. 31, with falling Ether prices driving most of the decline. According to Cointelegraph, the company recorded a $6.2 billion unrealized loss on its digital assets, according to its Form 10-K filed Tuesday. Bitmine had posted a $348.6 million net profit in the previous fiscal year. At fiscal year-end, it reported $15.4 billion in total assets and $33.7 million in liabilities. Its holdings included 5.9 million Ether worth $14.6 billion, along with $545 million in cash and cash equivalents and 211 Bitcoin valued at $16.6 million. The company also held $186 million in Beast Industries shares and $77 million in Eightco Holdings shares. Revenue totaled $124.8 million, exceeding the $119.8 million average analyst estimate listed by Yahoo Finance. Staking and validation generated $121.4 million, accounting for 97% of revenue. Bitmine shares closed 2.8% lower at $18.08 on Tuesday, bringing their year-to-date decline to 33%, according to Yahoo Finance. The company filed its 10-K after the market closed. Its year-end Ether balance differed from figures in a Monday update, when Bitmine said its holdings had grown to 6.07 million ETH, or 4.97% of the supply. The company estimated that the 5.23 million ETH it had staked would produce $309 million in annualized rewards. At a keynote at Token2049 in Singapore on Oct. 7, Bitmine Chairman Tom Lee called 5% of Ether’s supply a “hard cap” for the company’s holdings. The fiscal-year filing details the company’s assets and liabilities as of Aug. 31, while the Monday update provided a later account of its Ether holdings and staking position. Bitmine is the largest corporate Ether holder, according to the report.