BitMine reported a $6.3 billion web loss for its fiscal 12 months ended August 31, in an annual report filed with the SEC on Tuesday.
That whopping quantity got here virtually solely from the falling value of Ethereum (ETH), reserving $6.2 billion in unrealized losses. Over the fiscal 12 months, ETH traded on Coinbase as excessive as $4,763 and as little as $1,506.
“As a result of we account for digital belongings at honest worth beneath ASC 350-60, value declines are instantly mirrored in our outcomes of operations, which can end in important reported web losses even when now we have not offered the belongings,” BitMine mentioned within the submitting.
A Huge Loss
The previous Bitcoin miner ended fiscal 2026 with 5,901,837 ETH, up from 1,874,927, costing $19.9 billion and was price $14.6 billion at year-end costs. BitMine valued its mixed crypto, money and fairness holdings at $15.4 billion on the identical date, and its Monday replace put that complete at $14.3 billion as of November 8.
Furthermore, the agency started promoting ETH put choices within the quarter ended February 28, 2026, the submitting exhibits. These places pay BitMine a premium up entrance and may price it cash if ETH falls beneath an agreed value.
The corporate’s possibility trades, principally put gross sales, misplaced a web $143.7 million over the 12 months. It had no open possibility contracts at year-end and mentioned it might use comparable methods once more, whereas warning that possibility losses may damage its skill to pay dividends on the 9.50% most well-liked inventory providing it launched in June, as CryptoPotato reported.
Transferring on, common and administrative bills rose to $376.9 million from $361.1 million. That enhance got here primarily from ETH custody charges, plus greater pay for workers and board members, BitMine mentioned.
Staking Brings in $121.4 Million
Staking and validation equipped $121.4 million, or about 97% of BitMine’s income. The corporate started staking its personal ETH in November 2025.
In March, it purchased Pier Two, an Australian staking supplier, and folded it into MAVAN, the staking platform BitMine launched that month.
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