TLDR
- Bitmine closed down 2.8% at $18.08 on Tuesday, leaving the stock down 33% this year.
- The 10-K shows a $6.3 billion net loss for the fiscal year ended Aug. 31.
- Almost all of it was a $6.2 billion unrealized loss tied to Ether’s price drop.
- Revenue hit $124.8 million, with staking making up 97% of it.
- Bitmine holds 6.07 million ETH, or 4.97% of supply, close to Tom Lee’s 5% “hard cap.”
Bitmine (BMNR) stock closed 2.8% lower at $18.08 on Tuesday. That leaves it down 33% so far this year, according to Yahoo Finance.
Bitmine Immersion Technologies, Inc., BMNR
The company filed its annual report after the market closed. The 10-K shows a net loss of $6.3 billion for the fiscal year ended Aug. 31.
BITMINE’S 10-K REVEALS THE SHAREHOLDER QUESTION THAT MATTERS
BitMine added 168,255 ETH since August 31. But after accounting for share issuance, ETH per common share increased just 0.69%.
The new SEC filing also gives us a more complete picture of NAV.$BMNR
MNAV = 0.88
NAV… pic.twitter.com/qruPnponYT— BMNR Bullz (@BMNRBullz) November 11, 2026
A year earlier, Bitmine posted a net profit of $348.6 million. That is a big swing in twelve months.
The Paper Loss Behind the Number
Nearly all of the damage sits on paper. Bitmine booked a $6.2 billion unrealized loss on its digital assets.
Ethereum fell about 44% over the year, from roughly $4,300 to $2,400. Bitmine counts its holdings at fair value, so price drops hit results right away.
The company said this setup can produce large reported losses even when it has not sold the assets. In other words, the loss is a mark-to-market hit.
The balance sheet still looks sturdy. Bitmine reported $15.4 billion in total assets and only $33.7 million in liabilities.
Ether made up most of that, with 5.9 million coins worth $14.6 billion. The rest included $545 million in cash and 211 Bitcoin valued at $16.6 million.
Bitmine also held $186 million in Beast Industries stock and $77 million in Eightco Holdings stock. Those are small pieces next to the Ether pile.
Staking Pays the Bills
Revenue came in at $124.8 million, above the $119.8 million average analyst estimate on Yahoo Finance. Staking and validation brought in $121.4 million of it, or 97%.
Bitmine only began staking in November 2025. Revenue a year earlier was $6.1 million, which explains the jump of about 1,900%.
The company has staked more than 86% of its Ether. In a Monday update, it estimated $309 million in annualized rewards on the 5.23 million ETH it had staked.
That same update put total holdings at 6.07 million ETH, or 4.97% of supply. Bitmine is the largest corporate Ether holder.
At Token2049 in Singapore on Oct. 7, Chairman Tom Lee called 5% of Ether’s supply a “hard cap” for the company. He has said Bitmine will stop buying once it reaches that level.
Bitmine recently bought another 9,587 ETH, which puts it within reach of that line. Data from DropsTab puts the current value of its holdings at $12.46 billion, with an unrealized loss of $1.58 billion.
BMNR was up 0.6% in pre-market trading Wednesday after the filing.
