- Bitmine Immersion Technologies reported a $6.313 billion net loss for the fiscal year ended Aug. 31, 2026, reversing a $349 million profit the prior year.
- Nearly $6.229 billion of the loss stemmed from unrealized fair-value declines on digital assets as ether dropped about 44%.
- The firm held 5,901,837 ETH valued at $14.6 billion as of Aug. 31, later expanding holdings to 6,070,092 ETH or 4.97% of supply.
- Staking and validation revenue reached $121.4 million, accounting for roughly 97% of total revenue.
Tom Lee-led Bitmine Immersion Technologies (NYSE: BMNR) reported a net loss of more than $6.3 billion for the fiscal year ended Aug. 31, 2026, according to its Form 10-K filing with the Securities and Exchange Commission.
The loss, which compares with net income of $348.6 million in the prior fiscal year, was driven primarily by $6.229 billion in unrealized fair-value losses on digital asset holdings. Ether fell roughly 44% during the period, from approximately $4,390 to $2,466, marking down the value of Bitmine’s large Ethereum treasury.
As of Aug. 31, 2026, the company held 5,901,837 ETH with a fair value of $14.559 billion, along with 211 BTC valued at $16.6 million. Because Bitmine measures its digital assets at fair value with changes recognized in earnings, ETH price swings are expected to continue producing significant volatility in reported results and stockholders’ equity, the filing notes.
Despite the paper losses, Bitmine has continued accumulating ether. In a Nov. 9 press release, the firm said holdings reached 6,070,092 ETH as of Nov. 8, representing 4.97% of Ethereum’s roughly 122.2 million token supply and 99% of its stated ‑Alchemy of 5%‑ target. Of those tokens, 5,227,037 were staked.
Chairman Tom Lee has described the 5% level as a hard cap on further accumulation. Revenue from staking and validation totaled $121.4 million for the fiscal year, or about 97% of the company’s roughly $125 million in total revenue. The firm raised $13.2 billion in gross proceeds from at-the-market equity sales during the year while repurchasing shares under an expanded authorization.
The results underscore the earnings volatility inherent in public crypto treasury strategies that mark holdings to market, even as Bitmine positions itself as the largest Ethereum-focused corporate holder ahead of reaching its supply target.
