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Bitmine Immersion Technologies, Inc. (BMNR) reported a net loss of more than $6.3 billion for the fiscal year ended Aug. 31, 2026, according to a Form 10-K filed with the Securities and Exchange Commission. The loss was primarily driven by a significant decline in the value of ether (ETH), which fell approximately 44% during the period from $4,390 to $2,466.
Earlier reporting: PEPE climbs 5.13% while Bitcoin and Ethereum fall.
Earlier reporting: Ethereum Holds $2,230 As Whales Accumulate 18,550 ETH.
As of 10:20 UTC, Ethereum traded at $2,054, -2.0% over 24 hours, with $13.9 billion in 24-hour volume.
In the prior fiscal year, the company had reported a net income of $348.6 million. The shift to a substantial loss reflects the mark-to-market accounting treatment applied to the firm’s digital asset portfolio.
Unrealized losses dominate results
Nearly $6.23 billion of the total net loss stemmed from unrealized fair value losses on digital asset holdings, according to The Block. As of the end of August, Bitmine held 5,901,837 ETH with a fair value of $14.6 billion. The company also held 211 BTC at a fair value of $16.6 million.
The filing notes that because digital assets are measured at fair value with changes recognized in earnings, fluctuations in ETH prices are expected to cause significant volatility in reported results, stockholders’ equity, and financial condition. The decline in ether’s value also adversely affected staking revenue, as rewards are received in the cryptocurrency.
Capital raising and accumulation
During the fiscal year, Bitmine sold 395.1 million shares of common stock through its at-the-market offering program, raising $13.2 billion in gross proceeds. The company also repurchased 20.8 million shares at an average price of $17 per share.
Revenue from staking and validation accounted for 97% of Bitmine’s total revenue, which amounted to $124.8 million for the year. Despite the paper losses, the company continued to purchase ether. A press release issued on Monday stated that Bitmine has accumulated 6,070,092 ETH, representing 4.97% of Ethereum’s total supply.
Tom Lee, chairman of Bitmine, stated that the company would stop accumulating ether once it reaches the “Alchemy of 5%” target established when the Ethereum treasury strategy began in June 2025.
Source: The Block
