Bitmine posts $6.3B net loss for fiscal 2026 as Ether prices slide

Bitmine Immersion Technologies reported a $6.3 billion net loss for the fiscal year ended Aug. 31, driven largely by falling Ether (ETH) prices.

The company recorded a $6.2 billion unrealized loss on its digital assets, according to the Form 10-K it filed Tuesday. Bitmine posted a $348.6 million net profit the previous fiscal year.

Bitmine reported $15.4 billion in total assets and $33.7 million in liabilities at fiscal year-end. It held 5.9 million Ether worth $14.6 billion. Assets also included $545 million in cash and cash equivalents, 211 Bitcoin (BTC) valued at $16.6 million, $186 million in Beast Industries shares and $77 million in Eightco Holdings shares.

Bitmine’s revenue totaled $124.8 million, above the $119.8 million average analyst estimate listed by Yahoo Finance. Staking and validation accounted for $121.4 million, or 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 the 10-K after the market closed.

Bitmine, the largest corporate Ether holder, said in a Monday update that its holdings grew to 6.07 million ETH, or 4.97% of the supply. It estimated $309 million in annualized rewards on the 5.23 million ETH it had staked.

During 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.

Related: Bitmine buys 28k ETH, completes 97% of treasury accumulation goal