Bitmine Reports $6.3 Billion Annual Loss as Ether Falls 44%

Bitmine Immersion Technologies reported a $6.31 billion net loss for the fiscal year ended Aug. 31, 2026, as a sharp decline in ether prices hit its cryptocurrency treasury. Unrealized losses on digital assets accounted for $6.23 billion of the total, according to the company’s annual securities filing.

The result reversed net income of $348.6 million in the previous fiscal year. Ether fell approximately 44% over the reporting period, illustrating how movements in the token’s price can overshadow the operating performance of a company holding a substantial cryptocurrency reserve.

At fiscal year-end, Bitmine held 5,901,837 ether with a fair value of about $14.6 billion. It also held 211 bitcoin valued at approximately $16.6 million, leaving ether as the dominant component of its digital asset portfolio, according to the filing.

The unrealized loss reflects changes in the market value of assets held rather than an equivalent amount of cryptocurrency sold at a loss. Bitmine measures its digital assets at fair value and recognizes changes in earnings, making reported results sensitive to price swings even when the underlying holdings remain unsold.

Revenue grew to $124.8 million from $6.1 million a year earlier. Staking and validation generated $121.4 million, or approximately 97% of the annual total, showing how extensively the company’s revenue mix has shifted toward its Ethereum-related operations.

That revenue stream does not eliminate exposure to ether’s price. Because staking rewards are received in cryptocurrency, a decline in the token’s value can reduce the dollar value of those rewards at the same time that it lowers the reported value of the treasury.

The company also continued raising substantial amounts of equity capital during the year. Its annual report showed sales of approximately 395.1 million common shares through its at-the-market offering program, generating about $13.2 billion in gross proceeds, alongside repurchases of roughly 20.8 million shares at an average price of $17.

Despite the accounting losses, Bitmine continued adding ether after the fiscal year ended. In a subsequent update reported by The Block, the company said its holdings had reached 6,070,092 ether, representing approximately 4.97% of the token’s supply and moving it closer to its stated 5% accumulation target.

The results highlight the distinction between growth in a cryptocurrency-based operating business and returns on the assets supporting it. Staking produced substantially more revenue, but that income was far smaller than the market-value losses recorded against Bitmine’s holdings during the year.

Future results will remain closely tied to ether’s market performance as well as the revenue generated by staking. In its filing, Bitmine warned that changes in ether prices were expected to continue causing significant volatility in reported earnings, stockholders’ equity and financial condition.