Bitmine Reports $6.3B Annual Loss as Ethereum Price Decline Hits Treasury

Bitmine Immersion Technologies (BMNR) reported a net loss of more than $6.3 billion for the fiscal year ended August 31, 2026, reversing a net profit of $348.6 million in the previous fiscal year as falling Ethereum prices weighed heavily on its digital asset portfolio.

According to the company's Form 10-K filing with the U.S. Securities and Exchange Commission (SEC), approximately $6.23 billion of the annual loss came from unrealized fair value losses on its cryptocurrency holdings.

At the end of August, Bitmine held 5,901,837 ETH, valued at approximately $14.6 billion. Its portfolio also included 211 Bitcoin worth around $16.6 million.

Ethereum declined approximately 44% during the fiscal year, falling from around $4,390 to $2,466. The price drop significantly reduced the reported value of Bitmine's holdings.

The company warned that changes in Ethereum's market price would continue to create substantial volatility in its financial results, shareholders' equity and overall financial position. Under fair value accounting rules, changes in the value of its digital assets are reflected directly in earnings.

Bitmine also raised substantial capital during the fiscal year. Through its at-the-market share offering program, the company sold approximately 395.1 million common shares, generating $13.2 billion in gross proceeds. It also repurchased 20.8 million shares at an average price of $17 each.

Staking and validation remained the company's main sources of operating revenue, accounting for 97% of its total revenue. Bitmine reported $124.8 million in revenue for the fiscal year, although the decline in Ethereum's price also affected staking income because rewards are paid in ETH.

Despite the significant paper losses, Bitmine has continued buying Ethereum as part of its long-term treasury strategy.

In its latest Monday announcement, the company said its holdings had increased to 6,070,092 ETH, representing approximately 4.97% of Ethereum's total supply.

Bitmine launched its Ethereum accumulation strategy in June 2025, with a target of eventually holding 5% of the cryptocurrency's supply. The company has said it plans to stop accumulating ETH once it reaches that milestone.

The latest figures show that Bitmine remains close to its target despite the sharp decline in Ethereum's price and the resulting impact on its annual financial performance.