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BitMine’s fiscal-year net loss was about $6.313 billion, mainly due to unrealized losses from ETH fair value changes

BitMine Immersion Technologies, Inc. (BMNR) disclosed in its Form 10-K annual report filed with the U.S. Securities and Exchange Commission that for the fiscal year ended August 31, 2026, it recorded a net loss of about $6.313 billion ($6,313.4 million), compared with a net profit of about $348.6 million ($348.6 million) in the previous fiscal year.

The loss mainly came from changes in the fair value of digital assets. For the full year, the company recorded about $6.229 billion ($6,229.1 million) in unrealized losses on digital assets, mainly due to a decline in the fair value of ETH.

Full-year revenue was about $124.8 million ($124.8 million), of which staking and validation operations contributed about $121.4 million ($121.4 million), accounting for about 97% of total revenue. As of fiscal year-end, the company held 5,901,837 ETH and 211 BTC. The cost basis of its ETH holdings was about $19.948 billion, and the fair value at period-end was about $14.5589 billion ($14,558.9 million).

Separately, according to the company’s holdings update released on November 9, as of November 8, its ETH holdings had increased to 6,070,092 ETH, accounting for about 4.97% of ETH supply, of which 5,227,037 ETH were staked.

Original source:

  1. Title: Form 10-K for the fiscal year ended August 31, 2026 Publisher: BitMine Immersion Technologies, Inc. (via the U.S. Securities and Exchange Commission EDGAR) Publication date: 2026-11-10 URL: https://www.sec.gov/Archives/edgar/data/1829311/000162828026072846/bmnr-20260831.htm Nature of source: Annual report (10-K) filed by the company with the SEC Verification status: This time, the relevant financial disclosures were actually accessed and read, verification date 2026-11-11; no access restrictions Supporting content: Supports core data including the fiscal-year net loss of about $6.313 billion, unrealized digital asset losses of about $6.229 billion, revenue and staking income composition, and the number and fair value of ETH/BTC holdings at fiscal year-end

ABAB AI Insight

The 10-K shows that BitMine has shifted from being primarily focused on Bitcoin mining to an Ethereum treasury and staking model. Staking and validation revenue accounted for about 97% of full-year revenue, becoming the core business contribution, while the net loss was almost entirely due to non-cash unrealized changes in the fair value of ETH.

At fiscal year-end, the cost basis of ETH holdings was about $19.948 billion, and the fair value was about $14.559 billion, indicating a significant unrealized loss on the books. In the company’s subsequent update on November 8, it continued to add to its holdings to about 6.07 million ETH and moved close to its previously disclosed target of 5% of supply.

Because digital assets are measured at fair value and changes are recognized in current-period profit or loss, ETH price volatility will continue to have a significant impact on reported earnings. Unrealized losses themselves do not represent realized cash outflows, but they directly affect fluctuations in shareholders’ equity and financial condition.

ABAB News · Cognitive Law

  1. The net loss was mainly driven by non-cash unrealized fair value changes, which is not the same as a cash operating loss or realized asset loss.

  2. The fiscal-year-end holdings data and the November 8 update refer to different points in time and cannot be directly combined into a single complete financial snapshot.

  3. The company’s self-reported ETH supply percentage depends on the circulating supply basis it uses, and different data sources may differ slightly.