Bitmine Reports $6.3 Billion Loss for Fiscal Year 2026
Falling Ether prices hit the balance sheet of the largest corporate holder of the cryptocurrency
Bitmine Immersion Technologies reported a net loss of $6.3 billion for the fiscal year ending August 31. This negative result was driven primarily by the depreciation of Ether in the market.
The company's balance sheet shows $6.2 billion in unrealized losses on digital assets. In the previous fiscal year, the company had recorded a net profit of $348.6 million.
Bitmine holds 6.07 million units of Ether, which represents 4.97% of the total supply of the cryptocurrency. The current value of these assets is estimated at $14.6 billion, making up the bulk of the organization's $15.4 billion in total assets.
Annual revenue reached $124.8 million, beating the average analyst estimate. Staking and network validation activities accounted for 97% of this total revenue.
Beyond Ether, the company owns 211 units of Bitcoin valued at $16.6 million. The portfolio also includes equity stakes in Beast Industries and Eightco Holdings.
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