Bitmine Immersion Technologies, the New York Stock Exchange-listed company that holds more ether than any other, reported a net loss of $6.31 billion for its fiscal year ended 31 Aug, its Form 10-K shows. A year earlier it made a $348.6 million profit.
Almost all of the loss is one line: a $6.23 billion unrealised loss on its digital assets, which it must carry at fair value, against an $805.0 million unrealised gain the year before. The loss is on paper: it reflects the lower price of the ether Bitmine still holds.
That is the business model in one sentence. Bitmine raises money, buys ether, stakes most of it, and reports the swing in its value as profit or loss every quarter.
The numbers that matter
Revenue rose to $124.8 million from $6.1 million, because Bitmine began staking its own ether in November 2025. Staking and validation brought in $121.4 million, about 97% of the total. MAVAN, the staking platform built on Pier Two, the Australian validator firm Bitmine bought on 24 Mar, contributed $10.8 million of that.
The old mining business is fading out: $1.4 million from self-mining, plus small consulting and leasing fees from a contract that has ended.
Costs moved the other way. General and administrative expenses were $376.9 million, up from $361.1 million, which the company puts down mainly to custodian fees on its ether and higher pay and stock awards for staff and directors. That is about three times the year’s revenue.
Below the operating line, a $257.9 million gain on the fair value of its warrants softened the result. Option trades on ether, mostly sold puts, cost $143.7 million; Bitmine had no open derivative positions at year-end. A $92.3 million tax benefit brought the pre-tax loss of $6.41 billion down to the final figure.
At 31 Aug, Bitmine held 5,901,837 ether valued at $14.56 billion, which it puts at about 4.9% of circulating supply, plus 211 bitcoin, $545.1 million in cash and stakes in Beast Industries ($186.0 million) and Eightco ($77.1 million). Liabilities were just $33.7 million. Its accumulated deficit stands at about $6.0 billion.
The skeptics’ reading
The year-end valuation works out at about $2,467 per ether, our arithmetic on the filing. Ether traded at $2,058.73 on Kraken at 10:44 UTC on Wednesday, roughly 16.5% lower. Bitmine has kept buying since August, reporting 6,070,092 ether on 9 Nov, so the next quarter’s mark is on a bigger pile.
Staking income is real cash flow, but it is paid in ether, so a lower price shrinks it in dollars too. And a company that funds purchases by selling shares needs investors willing to buy them; the filing itself lists the deficit as a risk to that.
Bitmine’s stock fell 2.8% on Tuesday to finish at $18.08; the 10-K came out after the close, Cointelegraph reported citing Yahoo Finance.
What’s next
The first quarter of Bitmine’s new fiscal year ends on 30 Nov and is the next test, with ether now well below the August mark.
Bitmine is not the only crypto company whose results hang on the token price this season: BitGo’s profit came from a bitcoin gain as revenue halved, and Canaan’s quarter turned profitable on crypto gains.
This article is for information only and is not investment advice.