BitMine reports $6.31bn net loss as ether falls 44% in fiscal 2026

Key points

• BitMine's net loss of $6.31bn for the fiscal year ended 31 Aug 2026 reversed a $349m profit a year earlier.
• Ether fell from $4,391.91 on 31 Aug 2025 to $2,467.65 on 31 Aug 2026, a decline of roughly 44%.
• BitMine held 6,070,092 ETH as of 8 Nov, about 4.97% of circulating supply, with 5.23m ETH staked.

BitMine Immersion Technologies reported a $6.31bn net loss for its fiscal year ended 31 Aug 2026, according to its annual SEC filing, as a 44% fall in ether's price hit the value of its treasury. The result reverses a $349m profit in the previous year. The company booked a $6.23bn unrealised loss on its cryptocurrency holdings, against an $805m unrealised gain in fiscal 2025.

Ether dropped from $4,391.91 on 31 Aug 2025 to $2,467.65 a year later, the filing period's close. BitMine attributed about $6.22bn of negative fair-value adjustments to its ETH holdings, with a much smaller Bitcoin loss. At year-end it held 5,901,837 ETH bought for $19.9bn, worth $14.6bn at market value.

Path to 5%

Revenue rose to $125m from $6.1m, including $121m from staking and validation after the company began native ETH staking in Nov 2025. General and administrative costs of $377m still exceeded revenue, and BitMine recorded $144m in derivative losses and a $22.9m writedown on its Eightco Holdings stake.

BitMine kept accumulating, buying another 9,587 ETH for about $20m to reach 6,070,092 tokens by 8 Nov, roughly 4.97% of circulating supply. It has said it will stop buying at 5%, about 40,000 ETH away. Chairman Tom Lee remains optimistic, praising Vitalik Buterin's description of ETH as a store of value.

What to watch: BitMine has said it will stop buying ETH once its holdings reach 5% of circulating supply, roughly 40,000 ETH away as of 8 Nov.

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