Bitmine reported a loss of more than $6.3 billion for the fiscal year ended August 31, 2026, with approximately $6.23 billion of the loss stemming from declines in the value of digital assets.
Bitmine, which has built an Ethereum treasury, reported net income of $348.6 million in the previous fiscal year. The company’s annual report filed with the U.S. Securities and Exchange Commission (SEC) showed that the decline in ETH’s price contributed to its shift to a multibillion-dollar loss.
According to the report, approximately $6.23 billion of the loss consisted of unrealized losses resulting from declines in the fair value of digital assets. ETH fell approximately 44 percent during the fiscal year, dropping from $4,390 to $2,466.
Bitmine’s ETH holdings were valued at $14.6 billion
As of August 31, Bitmine held 5,901,837 ETH, with a reported value of $14.6 billion. The company also reported holding 211 Bitcoin (BTC), valued at $16.6 million, on that date. Bitmine said that because it records its digital assets at fair market value, price changes could cause significant fluctuations in its financial results, equity, and financial condition.
The company generated $124.8 million in revenue during the fiscal year; staking and validation activities accounted for 97 percent of that revenue. Bitmine said that because it receives rewards in ETH, the decline in ETH’s value also negatively affected staking revenue.
During the fiscal year, Bitmine raised $13.2 billion in gross proceeds through at-the-market share sales. It also repurchased 20.8 million shares at an average price of $17 per share.
Not investment advice.