Bitmine reports a $6.3 billion annual net loss as the price of ether falls

Bitmine Immersion Technologies (BMNR), which describes itself as the largest holder of ether in a corporate treasury, reported a net loss of $6.31 billion for its fiscal year ended August 31, 2026, according to its annual report filed with the US Securities and Exchange Commission on November 10. A year earlier it had reported net income of $348.6 million. The company said substantially all of the loss came from unrealized changes in the fair value of its ether and Bitcoin.

What drove Bitmine's net loss

The loss was driven by the price of ether (ETH). Bitmine valued its ether at about $4,406 per coin at the end of August 2025 and about $2,467 at the end of August 2026, based on the fair values and quantities in its filings, a decline of about 44%. During the fiscal year, ether traded between $1,506 and $4,763 on Coinbase, the report says.

Fiscal year to August 31	2025	2026
Revenue	$6.1 million	$124.8 million
Unrealized loss (gain) on digital assets	$805.0 million gain	$6,229.1 million loss
Net income (loss)	$348.6 million	($6,313.4 million)
ETH held at year-end	1,874,927	5,901,837

Source: Bitmine Form 10-K.

Because Bitmine values its crypto at market prices, gains and losses on coins it still holds flow through its income statement each period, even when nothing is sold. That is why the result swung from a profit to a multibillion-dollar loss as ether fell.

How the business has changed

Bitmine was mainly a Bitcoin mining and hosting business until July 2025, when it shifted its focus to accumulating and staking ether, according to the filing; it still runs a small Bitcoin mining operation. Its income now comes mainly from staking, earning rewards for helping to secure the Ethereum network. Staking and validation brought in $121.4 million, about 97% of revenue, much of it through its MAVAN staking platform. The company said its staked ether earns rewards at a gross annual rate of about 2.5% to 4%.

Besides ether, Bitmine reported 211 BTC worth $16.6 million and other holdings, bringing its combined digital asset, equity and cash holdings to $15.39 billion at the end of August.

Why it matters

Other companies that hold crypto as a treasury asset have reported this week, too. On November 9, MARA said it had sold 13,597 BTC and repaid all of its Bitcoin-backed loans, while Strategy kept buying Bitcoin. Bitmine's report shows how directly such companies' reported results track the price of the coins they hold.

What it could mean for traders

In our assessment, the headline loss says more about ether's price than about Bitmine's operations: the company's staking revenue grew while the price of the ether it holds fell. The filing also says management concluded that its internal control over financial reporting was not effective as of August 31, 2026, because of material weaknesses it had not fully remediated, and lists the remediation effort among its risk factors. As of November 4, Bitmine had 626.5 million shares outstanding, according to the report.