BitMine Immersion Technologies, the largest corporate holder of Ethereum, ended the fiscal year with a net loss of $6.31 billion. The main reason was a decline in the market value of its cryptocurrency reserves.
This is evidenced by the annual report filed with the U.S. Securities and Exchange Commission (SEC). The document covers the period from September 1, 2025, to August 31, 2026.
According to the reporting, the unrealized loss from the revaluation of digital assets amounted to $6.23 billion. A year earlier, the company recorded a profit of $805 million under this item.
BitMine explained the negative result by the decline in the value of cryptocurrencies during the fiscal year. At the same time, it is primarily an accounting loss not related to the actual sale of assets.
The company's operating loss reached $6.5 billion versus a profit of $444.2 million a year earlier. At the same time, total revenue grew from $6.1 million to $124.8 million. The bulk of the proceeds — $121.4 million — was provided by staking and validation operations.
During the reporting period, BitMine allocated $12.55 billion to the acquisition of Ethereum and other digital assets. To finance its activities, the company actively raised capital through securities offerings. Net proceeds from financing operations amounted to $13.19 billion.
As of August 31, 2026, BitMine had cash of $545.1 million. At the same time, cash outflow from operating activities reached $305.1 million.
Despite significant losses, the company continued its strategy of accumulating Ethereum. Earlier, the share of coins under the organization's control reached almost 5%.
According to chairman of the board Tom Lee, the firm has regularly increased its crypto reserves since the launch of the corresponding strategy in June 2025.
The company also warned investors about the risks associated with Ethereum volatility, the storage of digital assets, and staking operations. A further decline in the cryptocurrency's price could lead to additional unrealized losses.