Bitmine Immersion Technologies announced its financial results for the fiscal year ended August 31, 2026, reporting a net loss of $6.3 billion due to a sharp decline in the price of Ethereum. According to the company’s 10-K filing, unrealized losses on digital assets totaled $6.2 billion, a stark contrast to the net income of $348.6 million reported in the prior fiscal year.
Pledge Business Serves as a Mainstay of Revenue
Bitmine's fiscal-year revenue reached $124.8 million, slightly exceeding analysts' expectations of $119.8 million. Staking and validation services contributed $121.4 million, accounting for 97% of total revenue, reflecting the concentration of the company’s core business.
At the end of the fiscal year, the company held 590,000 Ethereum, valued at $14.6 billion; It also held 211 Bitcoin (worth $16.6 million), $545 million in cash and cash equivalents, $186 million in shares of Beast Industries, and $77 million in shares of Eightco Holdings. Total assets amounted to $15.4 billion, with liabilities of only $337 million.
Ethereum Holdings Reach an All-Time High
On November 10, Bitmine announced that its holdings had increased to 6.07 million Ether, accounting for 4.97% of the global supply, thereby solidifying its position as the world’s largest corporate holder of Ether. The company has staked 5.23 million Ether, with estimated annualized rewards reaching $309 million.
Bitmine Chairman Tom Lee stated on October 7 at the Token2049 conference in Singapore that the company would set 5% of the Ethereum supply as a “hard cap” on its holdings, suggesting that future growth in its holdings would be limited.
Stock Prices Come Under Pressure as Declines Widen
Bitmine’s stock price closed down 2.8% at $18.08 on November 11, the day the company filed its Form 10-K, marking a year-to-date decline of 33%, reflecting market concerns about the outlook for Ethereum prices and the company’s losses.
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