Bitmine Reports $6.3B Net Loss as Ether Plunges 44% During Fiscal Year

Bitmine Immersion Technologies reported a $6.23 billion unrealized loss on its cryptocurrency holdings during its 2026 fiscal year, as a steep decline in ether’s price weighed heavily on the company’s rapidly expanding digital asset treasury. According to its annual filing with the SEC , Bitmine recorded a net loss of $6.31 billion for the fiscal year ended Aug. 31, 2026, reversing a $348.6 million profit in the previous year. The unrealized cryptocurrency loss compared with an $805 million unrealized gain in fiscal 2025. Ethereum’s price fell approximately 44% during the reporting period, dropping from $4,391.91 on Aug. 31, 2025, to $2,467.65 on Aug. 31, 2026, according to historical data. The decline substantially reduced the value of Bitmine’s ether holdings as the company continued accumulating the cryptocurrency.

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