Bitmine Immersion Technologies (Nasdaq: BMNR) reported a net loss of more than $6.3 billion for its fiscal year ended August 31, 2026, a sharp reversal from the $348.6 million profit it posted a year earlier, after a 44% slide in ether wiped billions off the value of its crypto treasury.

The Tom Lee-chaired company said in its Form 10-K, filed with the Securities and Exchange Commission on November 10, that nearly $6.23 billion of the loss came from unrealized declines in the value of its digital assets. Ether fell from about $4,390 to $2,466 over the fiscal year. The loss amounted to $13.11 per share.

At year-end Bitmine held 5,901,837 ether worth $14.6 billion, plus 211 bitcoin valued at $16.6 million. The ether was carried at a fair value of $14.56 billion against a cost basis of $19.95 billion, roughly $5.4 billion below what the company paid for it. Total assets stood at $15.4 billion.

The filing also shows the other side of the treasury model. Revenue jumped to $124.8 million from $6.1 million a year earlier, with staking and validation generating $121.4 million, about 97% of the total. Bitmine stakes through MAVAN, the in-house platform it launched in March 2026.

The company also disclosed a $143.7 million net loss on ether-referenced derivatives, from selling ETH put options since the quarter ended February 28, 2026. The strategy collected premiums but paid out when ether fell below agreed levels; no such contracts were open at year-end. Bitmine separately told investors its internal controls over financial reporting were still not effective at fiscal year-end, with material weaknesses first reported as of August 31, 2025.

Despite the loss, Bitmine kept buying. The company said Monday its holdings had reached 6,070,092 ETH, or 4.97% of ether’s total supply, just short of its 5% accumulation target and leaving roughly 40,000 ETH to go. It has bought ether every week since June 30, 2025. Shares closed 2.8% lower at $18.08 on Tuesday.

Bitmine also said it will move its fiscal year-end to December 31, adopting a calendar year from 2027. Its next report, covering the three months to November 30, will show whether staking revenue held up as ether trades about 17% below its August 31 book level.

The Bit Take: Bitmine’s annual report is the clearest stress test yet of the corporate crypto-treasury model. The company did nothing wrong by the playbook’s own rules: it bought ether, staked it, and kept buying. The playbook itself is the problem when the underlying asset drops 44% in a year. Staking revenue nearly doubled the top line and still barely dented a $6.3 billion paper loss. For anyone watching the treasury-company wave, the lesson is simple: a balance sheet full of ether is a leveraged bet on ether, whatever the press release calls it. Bitmine is still buying, and that conviction is either the bravest trade in crypto or the most expensive one.

Sources:
– The Block — Bitcoin traders raise odds of sub-$70,000 Christmas, Bitmine reports $6.3 billion annual net loss, and more: https://www.theblock.co/newsletters/the-daily/2026-11-11-bitcoin-outlook-christmas-bitmine-net-loss-more-crypto-news-438430
– Unchained — Bitmine Says Its Controls Are Still Not Effective as ETH Ended the Year $5.4 Billion Below Cost: https://unchainedcrypto.com/bitmine-says-its-controls-are-still-not-effective-as-eth-ended-the-year-5-4-billion-below-cost/
– CoinMarketCap Academy — Bitmine Posts $6.3B Net Loss as Ether Falls 44% in Fiscal Year: https://coinmarketcap.com/academy/article/bitmine-posts-dollar63b-net-loss-as-ether-falls-44percent-in-fiscal-year
– TradingView (BeInCrypto) — BitMine Will Soon Stop Buying ETH. Here’s Where Its New Coins Come From: https://www.tradingview.com/news/beincrypto:13759eab5094b:0-bitmine-will-soon-stop-buying-eth-here-s-where-its-new-coins-come-from/