Bitmine Reports $6.3B Annual Net Loss as ETH Falls 44%

Bitmine Immersion Technologies, the public company that held about 4.9% of all ether on its balance sheet, reported a net loss of about $6.3B for the fiscal year ended Aug. 31, 2026, compared with a $348.6M profit a year earlier. The figures come from its annual 10-K report filed with the SEC on Nov. 10.

Details

The loss is almost entirely on paper: unrealized losses on digital assets came to $6,229.1M, which the company attributes mainly to the decline in ETH. Revenue for the year was $124.8M versus $6.1M a year earlier. According to The Block, ether fell 44% over the period.

As of Aug. 31, Bitmine held 5,901,837 ETH with a fair value of $14,558.9M (about 4.9% of ether's supply) and 211 BTC worth $16.6M. Because the company marks its assets to fair value, price moves flow straight into earnings, and the filing warns that this volatility will continue. During the year Bitmine repurchased 20,819,071 of its own shares at an average price of about $17, leaving $3.6B of repurchase authorization at the end of August. The full text is in the 10-K filing; more on the numbers at The Block.

Since the end of August the company has kept buying ether; see our recent note on 8,573 ETH.

What this means for the market

The report shows what a treasury strategy on a volatile asset looks like in the accounts: the company's profit and loss now track the ether chart almost one-for-one. It does not mean cash leaving ETH, but large paper losses can make it harder for such companies to raise capital, while Bitmine remains one of the visible buyers of ETH. Current prices are on the Ethereum page.