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Bitmine Reports $6.3 Billion Net Loss as Ether Prices Slide
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Bitmine posts $6.3 billion net loss for fiscal year ended Aug. 31, 2026. Unrealized losses on digital assets total about $6.2 billion due to Ether decline.
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Bitmine posts $6.3B loss
Bitmine Immersion Technologies reported a $6.3 billion net loss for the fiscal year ended Aug. 31, 2026, as Ether prices slid.
Bitmine booked $6.2 billion in unrealized losses on digital assets and reported $124.8 million in revenue for the period.
Bitmine held 6.07 million ETH, or 4.97% of Ether’s supply, and it also held 211 Bitcoin (BTC) valued at $16.6 million.
Bitmine said staking and validation accounted for $121.4 million, or 97% of revenue, and it estimated $309 million in annualized rewards on the 5.23 million ETH it had staked.
ETH drop drives volatility
Bitmine’s Form 10-K said nearly $6.23 billion of the net losses came from unrealized fair value losses on digital asset holdings. The Block reported Ether dropped around 44% in the fiscal year, falling from approximately $4,390 to $2,466.
Bitmine said, "Because our digital assets are measured at fair value, with changes in fair value recognized in earnings, changes in ETH prices are expected to continue to cause significant volatility in our reported results, stockholders’ equity and financial condition," in its filing. Bitmine continued to accumulate Ether, and it said it had accumulated 6,070,092 ETH, reaching 4.97% of the token’s supply.
Staking, buybacks, and targets
Bitmine sold 395.1 million shares of common stock through its at-the-market offering program and raised $13.2 billion in gross proceeds.
Bitmine repurchased 20.8 million shares at an average price of $17 per share, while it continued to frame staking as a core revenue driver.
Cointelegraph reported that Bitmine Chairman Tom Lee called 5% of Ether’s supply a "hard cap" for the company’s holdings during a keynote at Token2049 in Singapore on Oct. 7.
TradingView cited analysts saying Bitmine generated USD 257M annualized from staking to cover gaps and buybacks, and it linked that estimate to staking Ether (ETH) surpassing 5 million tokens staked.