Ethereum – What BitMine’s $6.3B loss reveals about building treasury around ETH

The SEC has released BitMine’s Form 10-K. According to the filing, the firm suffered a $6.3 billion net loss during the fiscal year ending August 31, 2026. As the fiscal year runs from September 2025 to August 2026, the reported loss largely reflects Ethereum’s price decline following the October 2025 crash, which pushed ETH from a peak above $4k toward $2k. In essence, much of the $6.3 billion loss came from unrealized losses on its ETH holdings. The timing of the filing is also notable. BitMine has recently disclosed that it holds 6.07 million ETH, 216 BTC, and $475 million in cash and marketable securities. It also holds a stake in Beast Industries and Eightco. Altogether, its crypto, cash, securities, and moonshot investments were valued at $14.3 billion.

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