Companies

Bitmine posts $6.3 billion loss and will soon stop buying ETH

Bitmine's results for the period ending August 31 show a $6.3 billion shortfall, nearly all caused by lower values on its ether holdings. The firm also said it will soon end ETH purchases and that its controls are still ineffective.

Illustration: Neat stacks of coins and banknotes next to a plain ledger and a calculator on an electric blue backdrop.
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Trading as BMNR, Bitmine released its yearly figures for the period ended August 31. Revenue climbed 1,900% in the fiscal year to August 2026, but the net loss came in at $6.3 billion. Before the regular session opened, the stock moved higher following the release.

Most of the loss came from unrealized drops in the value of its Ethereum holdings, meaning paper losses not yet locked in by a sale. Ether is the token of the Ethereum network, and the company held 6,070,092 ETH. Staking, which means locking coins to help secure a network in return for rewards, brought in about 97% of its revenue.

Bitmine Immersion Technologies$18.70down −20.39%over 1 month
$23.96$18.0813 Oct12 Nov

Prices can be delayed by 15 minutes or more. Past moves say nothing about future ones.

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Etherdown −22.16%1 month

The annual report also shows a $143.7 million derivatives loss, which is a loss on contracts whose value follows another asset. It sets out a new 1.5% staking-fee deal with an affiliate of Ethereum Tower.

Bitmine loss compared with ETH shortfall

  • Net loss6.3 billion $
  • ETH below cost5.4 billion $

Figures come from Bitmine's annual report.

Bitmine said its controls are still not effective. ETH ended the year $5.4 billion below cost, and the company said it will soon stop buying more of the coin.

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