Bitmine Reports a $6.3 Billion Annual Loss on Its Ether Holdings
Bitmine Immersion Technologies reported a net loss of more than $6.3 billion for the fiscal year that ended on 31 August, in a Form 10-K filed with the Securities and Exchange Commission on Tuesday after the market closed. A year earlier the company booked net income of $348.6 million. Almost the whole loss is an unrealized mark, a paper loss on assets it has not sold. Revenue came to $124.8 million, and staking and validation produced the great majority of it. Buying has continued since the year closed.
A loss nobody has realized
What moved is the price of ether, not the size of the holding. The Block puts nearly $6.23 billion of the loss down to unrealized fair-value losses on digital assets, and Cointelegraph gives $6.2 billion for the same line. The two round one component differently, so both sit here. At the end of August the company held 5,901,837 ETH with a fair value of $14.6 billion, plus 211 BTC worth $16.6 million. Ether fell about 44% over the fiscal year, from roughly $4,390 to $2,466, on The Block's figures. No second account read here carries that range.
"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 in the filing.
Cointelegraph alone reports the rest of the balance sheet: $15.4 billion in total assets against $33.7 million in liabilities, $545 million in cash and cash equivalents, $186 million in Beast Industries shares and $77 million in Eightco Holdings shares. Those lines appear in one account.
Revenue that moves with the asset
Staking is the business. Locking ether to help validate the network earned 97% of the company's revenue, and the rewards arrive in ether, so the price fall that produced the paper loss also cut the income line, The Block noted. Cointelegraph puts the staking and validation share at $121.4 million, measures the $124.8 million total against a $119.8 million average analyst estimate listed by Yahoo Finance, and calls it a beat. The Block carries no estimate. Cointelegraph also gives annualized rewards of $309 million on the 5.23 million ETH staked, which is a company projection and not a reported result.
Shares out, shares back in
The year's financing ran in both directions. Bitmine sold 395.1 million common shares through its at-the-market program, a facility for selling new stock into the open market, raising $13.2 billion in gross proceeds, and it repurchased 20.8 million shares at an average price of $17, according to The Block. Cointelegraph carries neither number. The stock closed 2.8% lower at $18.08 on Tuesday and is down 33% so far this year, a figure Cointelegraph attributes to Yahoo Finance. The filing landed after that close.
How close the ceiling is now
Holdings have grown since the balance-sheet date. The company holds 6,070,092 ETH, or 4.97% of the supply, a figure The Block attributes to a Monday press release and Cointelegraph to a Monday update, while Cointelegraph's own summary line dates the same holding to Sunday. Those timings do not reconcile. The ceiling itself is described twice over. The Block says chairman Tom Lee set an "Alchemy of 5%" target when the ether treasury strategy began in June 2025 and would stop buying there, and Cointelegraph says Lee called 5% of the supply a hard cap in a keynote at Token2049 in Singapore on 7 October. Other corporate ether holders have taken the opposite course this autumn.
What is left is a gap of about three hundredths of a percentage point to that ceiling, and a mark that moves with every tick in the ether price. Nothing in either account says when the company expects to close the first. The filing says plainly that the second will keep moving.
Read also: Bitmine Buys 27,562 Ether and Reaches 98% of Its 5% Supply Target