BitMine reported a $6.3 billion net loss for its fiscal year ended August 31, according to an SEC filing released Tuesday. The loss came almost entirely from declining Ethereum prices, which accounted for $6.2 billion in unrealized losses.
During the fiscal year, ETH traded between $1,506 and $4,763 on Coinbase. BitMine's Ethereum holdings increased significantly to 5,901,837 ETH at year-end, up from 1,874,927 ETH previously. The holdings cost $19.9 billion but were valued at $14.6 billion at fiscal year-end prices.
Accounting and Valuation
BitMine explained in its filing that it accounts for digital assets at fair value under ASC 350-60, which means price declines are immediately reflected in financial results. The company stated: "price declines are immediately reflected in our results of operations, which may result in significant reported net losses even when we have not sold the assets."
Options Trading and Expenses
BitMine began selling Ethereum put options in the quarter ended February 28, 2026. These option trades, mostly put sales, resulted in net losses of $143.7 million over the year. The company held no open option contracts at year-end and warned that option losses could affect its ability to pay dividends on preferred stock issued in June.
General and administrative expenses rose to $376.9 million from $361.1 million, driven primarily by Ethereum custody fees and increased compensation for staff and board members.
Staking Operations
Staking and validation generated $121.4 million, representing approximately 97% of BitMine's revenue. The company began staking its own ETH in November 2025 and acquired Australian staking provider Pier Two in March, which it integrated into MAVAN, its staking platform launched that month.
BitMine's combined cryptocurrency, cash, and equity holdings were valued at $15.4 billion at fiscal year-end and $14.3 billion as of November 8.
