BitMine Immersion Technologies filed its annual report for the fiscal year ended August 31, 2026, reporting a net loss of approximately $6.3 billion. Almost all of the loss came from unrealized fair-value changes in the company’s substantial Ethereum (ETH) and Bitcoin (BTC) holdings.
The company generated $121.4 million in revenue for the fiscal year. About 97% came from its ETH staking and validation operations.
BitMine has shifted its strategy from Bitcoin mining toward accumulating and staking ETH as its primary treasury asset.
As of August 31, 2026, the company held 5.9 million ETH valued at $14.56 billion. It also held $545.1 million in cash and equivalents.
The paper loss underscores the volatility inherent in BitMine’s digital asset-focused strategy.