- An unrealized loss of $6.23 billion on digital assets accounted for nearly all of the annual net loss.
- Staking and validation generated $121.4 million, about 97% of annual revenue.
- By November 8, the company held 6.07 million ETH, or 4.97% of ether’s supply.
Bitmine Immersion Technologies reported a $6.31 billion net loss for the fiscal year ended August 31, 2026. A year earlier, it earned $348.6 million. Ether fell about 44% over the year, cutting the value of the company’s Ethereum treasury. Staking helped lift annual revenue above $124 million, but the decline in its holdings far outweighed those rewards.
Why the ether price decline hit Bitmine earnings so hard
In its annual filing, Bitmine recorded a $6.23 billion unrealized loss on digital assets. The same line showed an $805 million gain the previous year. Under fair value accounting, price changes affect earnings even when the company keeps the tokens.Â
Ether began the fiscal year near $4,390 and ended it around $2,466. At the end of August, Bitmine held 5,901,837 ETH worth about $14.6 billion. Its bitcoin position was much smaller: 211 BTC worth $16.6 million.
The lower ether price also reduced the dollar value of staking rewards, which the company receives in ETH. Even so, staking and validation generated $121.4 million, about 97% of annual revenue. Total revenue rose to $124.8 million from $6.1 million, while general and administrative expenses reached $376.9 million.
Share sales funded ETH purchases as the treasury grew
Bitmine sold 395.1 million shares through its at-the-market offering, raising $13.2 billion before expenses. Its outstanding share count rose from 232.4 million to 613.3 million over the fiscal year.
In July and August, the company also bought back 20.8 million shares at an average price of $17. By August 31, about $3.6 billion remained under its $4 billion repurchase authorization.
Bitmine continued adding ether after the fiscal year closed. In its November 9 treasury update, the company reported holding 6,070,092 ETH. That put its share of ether’s supply at 4.97%, just below Chairman Tom Lee’s 5% target.
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