Bitmine Immersion Technologies disclosed a net loss of $6.31 billion for the fiscal year ended August 31, 2026, reversing a profit of $348.6 million reported the previous year. The loss reflects a $6.23 billion unrealized decline in the value of its cryptocurrency holdings, primarily ether.
Ether price decline drives losses
During the reporting period ether’s price fell from $4,391.91 on August 31, 2025, to $2,467.65 on August 31, 2026, a drop of roughly 44%. Bitmine’s filing recorded about $6.22 billion in negative fair‑value adjustments to its ether holdings, while losses on bitcoin were minimal.
Holding size and valuation
At the end of August 2026 the company owned 5,901,837 ether with a cost basis of $19.95 billion and a fair market value of $14.56 billion, creating a shortfall of approximately $5.39 billion relative to acquisition cost. The company continued to acquire ether throughout the year, increasing its total to 6.07 million ether by early November, representing about 4.97% of Ethereum’s circulating supply.
Revenue growth from staking
Despite the losses, Bitmine’s annual revenue rose sharply to $124.8 million, up from $6.1 million in fiscal 2025. Staking and validation activities generated $121.4 million of that revenue, and the firm estimates $309 million in annualized staking revenue from roughly 5.23 million ether staked as of November.
Operating expenses and other costs
General and administrative expenses reached $376.9 million, exceeding total revenue. The company also recorded $143.7 million in losses on derivative contracts and a $22.9 million decline in the value of its investment in Eightco Holdings.
Strategic outlook
Bitmine is nearing its target of controlling 5% of ether’s circulating supply and plans to cease additional purchases once that milestone is reached. The firm also repurchased approximately 22.9 million of its own shares for $399.6 million during 2026.
