Bitmine Says Its Controls Are Still Not Effective as ETH Ended the Year $5.4 Billion Below Cost

Bitmine Immersion Technologies (BMNR), the ether treasury company chaired by Tom Lee, told investors its internal controls over financial reporting were still not effective at the close of its fiscal year. It is the second annual report in a row to reach that conclusion. Bitmine filed the annual report (Form 10-K) with the SEC on Nov. 10, covering the 12 months through Aug. 31, 2026 . It shows the company’s 5,901,837 ETH carried a fair value of $14.56 billion at year-end against a cost basis of $19.95 billion , roughly $5.4 billion below the cost. The company is also nearing its stated goal of holding 5% of ETH supply.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Unchained.