- BitMine recorded a $6.31 billion annual net loss, reversing a $348.6 million profit a year earlier.
- Unrealized losses from the revaluation of digital assets totaled $6.23 billion.
- Revenue rose to $124.8 million, driven primarily by staking and validation operations.
BitMine Immersion Technologies, the largest corporate holder of Ethereum, ended the financial year from Sept. 1, 2025, to Aug. 31, 2026, with a net loss of $6.31 billion. The result reversed a $348.6 million profit a year earlier, mainly because the market value of the company’s cryptocurrency reserves declined.
The figures were disclosed in BitMine’s annual report filed with the U.S. Securities and Exchange Commission.
Digital-asset revaluation drives loss
BitMine reported an unrealized loss of $6.23 billion from the revaluation of digital assets, compared with a profit of $805 million under the same line item a year earlier. The company attributed the reversal to falling cryptocurrency prices during the financial year.
The losses were primarily accounting charges and were not tied to actual asset sales. BitMine’s operating loss reached $6.5 billion, compared with an operating profit of $444.2 million a year earlier.
Total revenue increased to $124.8 million from $6.1 million. Staking and validation operations accounted for $121.4 million of the total, but the revenue increase did not offset the revaluation losses.
Ethereum purchases and financing
During the reporting period, BitMine spent $12.55 billion on Ethereum and other digital assets. The company financed its operations in part through securities offerings, with net proceeds from financing activities totaling $13.19 billion.
BitMine held $545.1 million in cash as of Aug. 31, 2026. Cash outflows from operating activities totaled $305.1 million during the year.
Despite the losses, BitMine continued its Ethereum accumulation strategy. The share of Ethereum coins under the company’s control had earlier reached nearly 5%.
Chairman of the Board Tom Lee said the company had steadily increased its cryptocurrency reserves since launching the strategy in June 2025.
Volatility and custody risks
BitMine warned investors about risks associated with Ethereum price volatility, digital-asset custody and staking operations. The company said a further decline in Ethereum’s price could result in additional unrealized losses.
Source: Incrypted
