Bitmine Reports $14.3 Billion in Holdings as Ethereum Stash Tops 6 Million Units
Key Facts
Bitmine Immersion Technologies said in an operational update on November 9 that its total holdings of cryptocurrencies, cash, marketable securities and other investments stood at $14.3 billion as of November 8. The holdings were concentrated in Ethereum, with the company saying it owned 6,070,092 units, equivalent to 4.97% of the total supply of 122.2 million units. The update put the company’s exposure to the digital asset at the forefront of the disclosure, alongside its cash, securities and other investments. The announcement appeared in a press release issued by the company on November 9, according to its filing with the U.S. Securities and Exchange Commission. The company’s shares closed at $18.61 that day, according to EL7 data.
The company said 5,227,037 units of its Ethereum holdings were staked as of November 8. It valued those units at about $11.7 billion, based on a price of $2,234 per unit. The figure shows that a large portion of the reported holdings was allocated to staking and validation, which generate revenue for the company. In its annual report for the fiscal year ended August 31, 2026, Bitmine said staking and validation revenue totaled $121.4 million, after recording no revenue from the activity in the previous year. The company attributed the start of that revenue to the launch of native staking in November 2025, and attributed $10.8 million of staking revenue in 2026 to its acquisition of Pier Two.
Bitmine’s total revenue in fiscal 2026 was about $124.8 million, compared with $6.1 million in the prior fiscal year, according to its annual report. Staking and validation accounted for about 97% of 2026 revenue, making the activity the dominant source of recorded income for the year. The company said its future revenue and cash flow would depend heavily on the amount of Ethereum staked, the currency’s price, validator performance and prevailing staking yields. These factors reflect how part of the company’s operating performance is tied to the volume of staked digital assets and conditions in the Ethereum market. The company said the launch of native staking and the addition of Pier Two revenue contributed to the emergence of this revenue source during the year.
By contrast, the company recorded an unrealized loss of $6,229.1 million on its digital asset holdings in fiscal 2026, compared with an unrealized gain of $805.0 million in 2025. Bitmine attributed the loss to declines in digital asset prices during the year. Its annual net loss was $6,313.4 million, primarily comprising the noncash unrealized loss on digital assets, alongside a $257.9 million change in the fair value of warrant liabilities. Net cash used in operating activities was $305.1 million, compared with $4.1 million in the prior year. The company said operating cash outflows were primarily related to general and administrative cash expenses.
The shares’ close at $18.61 on November 9 coincided with the operational update, but the available figure does not specify the session’s trading range or establish the cause of the stock’s movement. The disclosure combines annual revenue growth from staking and validation with large unrealized valuation losses tied to digital asset holdings. The reported holdings data are as of November 8, while the revenue and loss figures cover the fiscal year ended August 31, 2026. The figures therefore reflect different measurement periods: the asset position on a date close to the announcement and results for a completed fiscal year. The company listed the amount of Ethereum staked, prices, yields and validator performance among the factors that will affect its future business, revenue and cash flow.