Bitmine Immersion Technologies reported a net loss of more than $6.3 billion for the fiscal year ended Aug. 31, 2026. The firm swung from a $348.6 million profit in the prior period to this massive deficit because ether dropped around 44% during the year. Prices fell from approximately $4,390 to $2,466, causing nearly $6.23 billion in unrealized fair value losses on digital asset holdings. As of August, the company held 5,901,837 ETH with a fair value of $14.6 billion. It also held 211 BTC at a fair value of $16.6 million.
Revenue and share activity
Staking and validation accounted for 97% of total revenue, which stood at $124.8 million. The decline in ETH’s value adversely affected staking revenue because rewards are received in the cryptocurrency. During the fiscal year, Bitmine sold 395.1 million shares of common stock through its at-the-market offering program. This effort raised $13.2 billion in gross proceeds. The company also repurchased 20.8 million shares at an average price of $17 per share.
The filing warns that changes in ETH prices will continue to cause significant volatility in reported results and stockholders’ equity. "Because our digital assets are measured at fair value, with changes in fair value recognized in earnings, changes in ETH prices are expected to continue to cause significant volatility in our reported results, stockholders’ equity and financial condition," the company said. Despite these paper losses, Bitmine continues to purchase more of the cryptocurrency. According to a press release, the firm has accumulated 6,070,092 ETH, reaching 4.97% of the token’s supply. Chairman Tom Lee stated that Bitmine would stop accumulating once it reaches the "Alchemy of 5%" target set when its Ethereum treasury strategy began in June 2025.
