Ethereum Slump Deals BitMine $6.2 Billion Fiscal-Year Net Loss

BitMine, the world’s largest corporate holder of Ethereum, posted a $6.2 billion net loss for the fiscal year as falling Ether prices battered its results.

Cointelegraph reported on Nov. 11 that BitMine, in its annual report filed with the U.S. Securities and Exchange Commission after the close on Nov. 10, disclosed about $6.2 billion in unrealized losses on digital assets for the fiscal year ended Aug. 31, 2026. In the previous fiscal year, the company posted net income of about $348.6 million.

At the end of the fiscal year, total assets stood at $15.4 billion and total liabilities at $33.7 million. Of that, BitMine’s 5.9 million Ether was valued at about $14.6 billion, accounting for most of its assets. Cash and cash equivalents totaled $545 million, while its 211 Bitcoin were valued at $16.6 million.

Revenue for the fiscal year came to $124.8 million, slightly above market expectations of $119.8 million. Staking and validation fees contributed $121.4 million, or 97% of total revenue.

BitMine currently holds 6.07 million Ether, equal to 4.97% of total supply. The company estimated its 5.23 million staked Ether would generate about $309 million in annual rewards.

Tom Lee, chairman of BitMine’s board, said at the TOKEN2049 conference in Singapore in October that 5% of Ethereum’s supply was the upper limit for the company’s holdings.