BitMine Immersion Technologies closed its fiscal year with a $6.3 billion net loss for the period ended August 31, according to an annual report filed with the SEC on Tuesday. The loss was driven almost entirely by falling Ether prices, with the company booking $6.2 billion in unrealized losses on its digital assets. Over the fiscal year, ETH traded on Coinbase as high as $4,763 and as low as $1,506. BitMine explained that because it accounts for digital assets at fair value under ASC 350-60, price declines are immediately reflected in results even when no assets are sold.
The former Bitcoin miner ended fiscal 2026 with 5,901,837 ETH, up from 1,874,927 a year earlier. That position cost $19.9 billion and was worth $14.6 billion at year-end prices. BitMine valued its combined crypto, cash and equity holdings at $15.4 billion on the same date, and a Monday update put that total at $14.3 billion as of November 8. The company also reported $545 million in cash and cash equivalents, 211 Bitcoin valued at $16.6 million, $186 million in Beast Industries shares, and $77 million in Eightco Holdings shares. Total liabilities stood at $33.7 million.
Revenue came in at $124.8 million, above the $119.8 million average analyst estimate listed by Yahoo Finance. Staking and validation supplied $121.4 million, or about 97% of revenue. BitMine began staking its own ETH in November 2025, and in March it bought Australian staking provider Pier Two and folded it into MAVAN, the staking platform launched that month. In a Monday update, the company said its Ether holdings grew to 6.07 million ETH, or 4.97% of the supply, with an estimated $309 million in annualized rewards on the 5.23 million ETH it had staked.
The company also began selling ETH put options in the quarter ended February 28, 2026. Those option trades, mostly put sales, lost a net $143.7 million over the year. BitMine had no open option contracts at year-end and said it may use similar strategies again, while warning that option losses could hurt its ability to pay dividends on the 9.50% preferred stock offering launched in June. General and administrative expenses rose to $376.9 million from $361.1 million, mainly because of ETH custody fees and higher staff and board compensation.
BitMine shares closed 2.8% lower at $18.08 on Tuesday and are down 33% year to date. The previous fiscal year had produced a $348.6 million net profit. At Token2049 in Singapore on October 7, Chairman Tom Lee described 5% of Ether’s supply as a hard cap for the company’s holdings.
