Bitmine reports $6.3 billion annual loss as ether falls 44%
From Ekonominin Sesi - International (English) · 00:01:50
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Bitmine Immersion Technologies reported a net loss exceeding $6.3 billion for the fiscal year ended August 31, 2026, primarily driven by ether’s roughly 44% decline, from about $4,390 to $2,466. Almost $6.23 billion of the loss was attributed to unrealized fair value declines in its digital asset holdings. The firm had recorded net income of $348.6 million during the previous fiscal year. By the end of August, it held 5,901,837 ETH, valued at $14.6 billion, along with 211 bitcoin, valued at $16.6 million. In a regulatory filing, Bitmine said changes in ETH prices are expected to continue causing significant volatility in its reported results, stockholders’ equity and financial condition. Bitmine reported $124.8 million in annual revenue, with staking and validation accounting for 97% of the total. The firm said the drop in ETH’s value also adversely affected staking revenue because rewards are received in the cryptocurrency. During the fiscal year, the company sold 395.1 million common shares through an at-the-market offering program, raising $13.2 billion in gross proceeds. It also repurchased 20.8 million shares at an average price of $17 each. In a Monday press release, Bitmine said it had accumulated 6,070,092 ETH, representing 4.97% of Ethereum’s total supply. Chairman Tom Lee said Bitmine would stop accumulating once it reaches its “Alchemy of 5%” target, set in connection with its Ethereum treasury strategy in June 2025. https://ekonomininsesi.com/en/bitmine-reports-63-billion-net-loss-in-latest-fiscal-year-driven-by-44-ether-decline-33458
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