BitMine reported a $6.3 billion web loss for its fiscal yr ended August 31, in an annual report filed with the SEC on Tuesday.
That whopping quantity got here virtually fully from the falling worth of Ethereum (ETH), reserving $6.2 billion in unrealized losses. Over the fiscal yr, ETH traded on Coinbase as excessive as $4,763 and as little as $1,506.
“As a result of we account for digital property at honest worth below ASC 350-60, worth declines are instantly mirrored in our outcomes of operations, which can end in vital reported web losses even when we’ve got not bought the property,” BitMine mentioned within the submitting.
A Huge Loss
The previous Bitcoin miner ended fiscal 2026 with 5,901,837 ETH, up from 1,874,927, costing $19.9 billion and was price $14.6 billion at year-end costs. BitMine valued its mixed crypto, money and fairness holdings at $15.4 billion on the identical date, and its Monday replace put that complete at $14.3 billion as of November 8.
Furthermore, the agency started promoting ETH put choices within the quarter ended February 28, 2026, the submitting reveals. These places pay BitMine a premium up entrance and might price it cash if ETH falls under an agreed worth.
The corporate’s choice trades, largely put gross sales, misplaced a web $143.7 million over the yr. It had no open choice contracts at year-end and mentioned it could use related methods once more, whereas warning that choice losses may damage its skill to pay dividends on the 9.50% most well-liked inventory providing it launched in June, as CryptoPotato reported.
Transferring on, basic and administrative bills rose to $376.9 million from $361.1 million. That improve got here primarily from ETH custody charges, plus increased pay for employees and board members, BitMine mentioned.
Staking Brings in $121.4 Million
Staking and validation provided $121.4 million, or about 97% of BitMine’s income. The corporate started staking its personal ETH in November 2025.
In March, it purchased Pier Two, an Australian staking supplier, and folded it into MAVAN, the staking platform BitMine launched that month.
The submit The Value of Shopping for the Dip: Inside BitMine’s Huge $6.3 Billion Ethereum Loss appeared first on CryptoPotato.