Bitmine Posts $6,313.386 Million Net Loss Despite Annual Revenue Surge
Key Facts
Bitmine posted a net loss of $6,313.386 million for the fiscal year ended August 31, 2026, after reporting net income of $348.577 million in the prior year, according to its annual report filed with the U.S. Securities and Exchange Commission. The sharp reversal coincided with an unrealized loss of $6,229.1 million on digital asset holdings, compared with an unrealized gain of $805.0 million in the fiscal year ended August 31, 2025. The company attributed the fair-value loss to lower digital asset prices during the year. It said losses on ether stemmed primarily from a decline in its fair value. Meanwhile, total revenue rose to $124.8 million from $6.1 million, putting operating growth alongside the impact of asset revaluation in assessing the year's results.
The year-over-year comparison shows a reversal in the portfolio's impact on earnings: the prior year's unrealized gain of $805.0 million became a loss of $6,229.1 million in 2026. The loss relates to changes in the fair value of digital asset holdings, not to sales proceeds or a comparable cash loss, according to the company's description. Bitmine records changes in the fair value of digital assets in earnings, leaving its reported results exposed to price movements even when it does not sell its holdings. The company said changes in ETH prices would continue to cause "significant volatility in our reported results." It added that this volatility could extend to shareholders' equity and financial condition, even without selling ETH.
At the end of the fiscal year, Bitmine held 5,901,837 ETH with a fair value of $14,558.9 million, equivalent to about 4.9% of the circulating supply at the time, according to the annual report. The holding is dated August 31, 2026, and shows the extent of the balance sheet's exposure to ether price movements on that date. The company's combined digital asset, equity and cash holdings totaled $15,393.6 million at the end of August. The total included $545.1 million in cash and cash equivalents, along with 211 BTC with a fair value of $16.6 million. These figures show the asset mix disclosed by the company at fiscal year-end, with ether remaining the largest reported component of those holdings.
Alongside the increase in total revenue from $6.1 million in the year ended August 31, 2025, to $124.8 million in the following year, the company linked future revenue and cash flow to ether staking and transaction validation. In its report, it said revenue and cash generation would depend to a large extent on the amount of ETH staked, ether prices, validator performance and prevailing staking yields. This places operating performance against factors including the volume of staked assets and the returns available on them, as well as the value of ether. That link matters as fair-value changes are recorded in earnings, since price volatility can affect reported results while future revenue depends on staking activity. The available facts in the report did not provide a separate figure for staking yield or its contribution to revenue.
Bitmine repurchased 20,819,071 shares during the fiscal year ended August 31, 2026, at an average price of $17 per share, according to the annual report. About $3.6 billion remained available under the repurchase authorization on August 31. On the same date, combined digital asset, equity and cash holdings totaled $15,393.6 million, while cash and cash equivalents totaled $545.1 million. These disclosures place the share repurchases alongside the components of the financial position reported by the company at year-end. The available excerpt from the report did not state a specific reason for the repurchases or directly link them to the annual loss.
The company announced that it would change its fiscal year-end to December 31, requiring a shortened transition period before regular reporting resumes on the new calendar. It expects to file a transition Form 10-KT for the period from September 1 to December 31, 2026. It also expects to file a quarterly Form 10-QT for the three months ended November 30, 2026. These filings will cover periods ending after the fiscal year reported in the annual report. The transition report will cover the four months from September through December, while the quarterly report will cover the three months through the end of November, according to the periods specified by the company.
In the ether market, ETH/USD closed at $2,424.61 on November 4, 2026, then closed at $2,053.21 on November 10, according to EL7 data. The move provides price context close to the November 11 publication date, after the fiscal year that ended in August. These closing prices do not represent prices for the fiscal period covered by the results; they came after that period. The date boundary matters when assessing the unrealized loss of $6,229.1 million, which relates to the year ended August 31, 2026. The closing figures describe November sessions and do not change the measurement date for the holdings and fair value reported in the annual report.