BitMine Immersion Technologies posted a net loss of $6.31 billion for fiscal year 2026, driven primarily by unrealized losses on its cryptocurrency holdings. The company disclosed the results in its annual filing with the U.S. Securities and Exchange Commission on November 10, 2026.

Despite the loss, BitMine continues to hold one of the largest corporate Ethereum treasuries. As of August 31, 2026, the company owned approximately 5.9 million ETH, equal to about 4.9% of Ethereum's circulating supply.

Unrealized Losses Reverse Prior-Year Profit

BitMine recorded roughly $6.23 billion in unrealized digital asset losses during the fiscal year. The figure mostly reflected declining Ethereum valuations rather than completed cryptocurrency sales, meaning the tokens remained on the balance sheet as their reported value fell.

The result marks a sharp reversal from fiscal 2025, when the company reported a net profit of approximately $348.6 million. Volatility in cryptocurrency markets weighed heavily on the value of its treasury holdings.

Under applicable accounting rules — the fair-value standard for crypto assets issued by the Financial Accounting Standards Board — BitMine measures its cryptocurrency assets at fair value. Changes in market prices therefore flow directly into reported earnings, even while the company retains ownership of the assets.

Ethereum Treasury Valued at $14.6 Billion

As of August 31, BitMine held 5,901,837 ETH valued at approximately $14.56 billion. The position carries a cost basis of roughly $19.95 billion, underscoring the effect of lower market prices — an average cost of about $3,380 per ETH against a carrying value of roughly $2,470 on the balance-sheet date.

The company also reported 211 Bitcoin worth approximately $16.6 million. Its combined holdings of cryptocurrency, equity investments and cash totaled approximately $15.39 billion, including $545.1 million in cash.

BitMine has pursued an aggressive Ethereum accumulation strategy while scaling back its traditional Bitcoin mining operations. The company targets control of approximately 5% of Ethereum's total supply, making ETH central to its financial performance. The Ethereum pivot, announced in July 2025 with Fundstrat co-founder Tom Lee as chairman, placed BitMine among the group of public companies that built Ether-focused treasury strategies, where reported results move with token prices.

Staking Operations Generate Majority of Revenue

Despite the multibillion-dollar accounting loss, BitMine generated approximately $124.8 million in annual revenue. Ethereum staking and validation activities contributed $121.4 million, or roughly 97% of the total — income earned by running validators that help process transactions and secure the Ethereum network.

Still, the company's adjusted EBITDA remained negative at approximately $154.5 million, and operating activities consumed $305.1 million in cash during fiscal 2026. That cash outlay was far smaller than the headline net loss, which came mostly from unrealized, non-cash marks rather than token sales.

The results illustrate the financial risks of concentrating corporate reserves in volatile cryptocurrencies. While staking produces recurring rewards, Ethereum price movements can significantly affect reported profitability.

BitMine's financial performance remains closely tied to Ethereum valuations, staking yields and its ability to manage operating costs. A sustained recovery in ETH could improve asset valuations, while further declines could add pressure to its balance sheet. Its periodic SEC filings will mark the treasury to market each reporting period, tracking both the unrealized swings and the company's progress toward its 5% supply target.