TheBlock
Bitmine Immersion Technologies reported a net loss of more than $6.3 billion for the fiscal year ended Aug. 31, 2026, as Ether fell roughly 44%. Nearly $6.23 billion came from unrealized fair-value losses on digital assets, according to its Form 10-K. The company reported net income of $348.6 million in the prior fiscal year.
At fiscal year-end, the Tom Lee-led Ethereum treasury firm held 5,901,837 ETH valued at $14.6 billion and 211 BTC valued at $16.6 million. Ether fell from approximately $4,390 to $2,466 during the year.
Why it matters
Bitmine recognizes changes in the fair value of its digital assets in earnings. The company said ETH price moves are expected to continue causing significant volatility in its reported results, stockholders' equity and financial condition.
Staking and validation accounted for 97% of its $124.8 million in annual revenue. The decline in Ether also hurt staking revenue because rewards are received in the cryptocurrency.
Market impact
Despite the paper losses, Bitmine has continued to accumulate ETH. In a subsequent announcement, the company said its holdings had risen to 6,070,092 ETH, or 4.97% of supply. Lee said the firm would stop accumulating when it reaches the 5% target set with its Ethereum treasury strategy in June 2025.
During the fiscal year, Bitmine sold 395.1 million shares through its at-the-market program, raising $13.2 billion in gross proceeds. It also repurchased 20.8 million shares at an average price of $17 each.
Frequently asked questions
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How much of Bitmine's loss came from unrealized digital-asset losses?
Nearly $6.23 billion of its more than $6.3 billion net loss came from unrealized fair-value losses on digital assets.
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How did Ether's decline affect Bitmine's staking revenue?
The decline adversely affected staking revenue because rewards are received in ETH. Staking and validation accounted for 97% of the company's $124.8 million in annual revenue.
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How close is Bitmine to its Ethereum accumulation target?
Bitmine said its holdings had risen to 6,070,092 ETH, representing 4.97% of supply. Chairman Tom Lee said the company would stop accumulating at its 5% target.
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How did Bitmine raise capital during the fiscal year?
The company sold 395.1 million shares through its at-the-market program, raising $13.2 billion in gross proceeds.
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Why can ETH price changes affect Bitmine's reported earnings?
Bitmine measures its digital assets at fair value and recognizes changes in that value in earnings. The company expects ETH price movements to continue causing significant volatility in its results.
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