The Cost of Buying the Dip: Inside BitMine’s Massive $6.3 Billion Ethereum Loss

BitMine reported a $6.3 billion net loss for its fiscal year ended August 31, in an annual report filed with the SEC on Tuesday. That whopping number came almost entirely from the falling price of Ethereum (ETH), booking $6.2 billion in unrealized losses. Over the fiscal year, ETH traded on Coinbase as high as $4,763 and as low as $1,506. “Because we account for digital assets at fair value under ASC 350-60, price declines are immediately reflected in our results of operations, which may result in significant reported net losses even when we have not sold the assets,” BitMine said in the filing. A Massive Loss The former Bitcoin miner ended fiscal 2026 with 5,901,837 ETH, up from 1,874,927, costing $19.9 billion and was worth $14.6 billion at year-end prices.

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