Bitmine Posts $6.3 Billion Annual Net Loss Following Steep Ether Price Decline

Bitmine Immersion Technologies reported a $6.3 billion net loss for the fiscal year ended August 31, 2026, reversing from a $348.6 million net profit in the prior year. The performance was driven by roughly $6.2 billion to $6.23 billion in unrealized fair value losses as ether dropped 44% from around $4,390 to $2,466. Despite the paper losses, fiscal year revenue rose to $124.8 million, beating analyst estimates of $119.8 million, with 97% derived from staking. Bitmine has since expanded its treasury to 6.07 million ETH, representing 4.97% of ether's circulating supply.