Bitmine reports $6.3 billion net loss in latest fiscal year, driven by 44% ether decline

According to its Form 10-K filed with the Securities and Exchange Commission, nearly $6.23 billion of the net losses came from unrealized fair value losses on digital asset holdings.

By Danny Park • Edited by Brian Danga
Business•November 11, 2026, 1:22AM EST
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Bitmine reports $6.3 billion net loss in latest fiscal year, driven by 44% ether decline

Quick Take

  • Tom Lee’s Bitmine reported a net loss of $6.3 billion for the fiscal year ended Aug. 31, 2026, primarily driven by ether’s decline.
  • Earlier this week, Bitmine said it has accumulated 6,070,092 ETH, reaching 4.97% of Ethereum’s total supply.

Bitmine Immersion Technologies, Inc. Bitmine Immersion Technologies, Inc. (BMNR) reported a net loss of more than $6.3 billion for the fiscal year ended Aug. 31, 2026, due to a significant decline in the value of ether Ethereum (ETH). In the prior fiscal year, the firm reported a net income of $348.6 million.

According to Form 10-K filed with the Securities and Exchange Commission, nearly $6.23 billion of the net losses came from unrealized fair value losses on digital asset holdings. 

As of the end of August, the Tom Lee-led Ethereum treasury firm held 5,901,837 ETH with a fair value of $14.6 billion. It also held 211 BTC Bitcoin (BTC) at a fair value of $16.6 million. Ether dropped around 44% in the fiscal year, falling from approximately $4,390 to $2,466.

"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," the company said in the filing.

Stacked ETH Holdings by Public Companies | The Block

During the fiscal year, the company sold 395.1 million shares of common stock through its at-the-market offering program, raising $13.2 billion in gross proceeds. It also repurchased 20.8 million shares at an average price of $17 per share.

Bitmine further said that revenue from staking and validation accounted for 97% of its total revenue, adding that the decline in ETH's value also adversely affected staking revenue, as rewards are received in the cryptocurrency. The firm reported $124.8 million in yearly revenue during the period.

Despite significant paper losses reflecting Ethereum's value decline, Bitmine continues to purchase more of the cryptocurrency. According to its Monday press release, Bitmine said it has accumulated 6,070,092 ETH, reaching 4.97% of the token's supply. The company's chairman, Tom Lee, said that Bitmine would stop accumulating once it reaches the "Alchemy of 5%" target it set when its Ethereum treasury strategy in June 2025.

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