BitMine reported $124.8 million of revenue for the year to August 31, and staking and validation supplied $121.4 million of it. Total liabilities were $33.7 million against $15.4 billion of assets, so the loss tracks ether's 44% fall over the year rather than any borrowing.
BitMine Immersion Technologies reported a net loss of more than $6.3 billion for the fiscal year ended August 31, in a Form 10-K filed with the Securities and Exchange Commission on November 10. The company earned $348.6 million in the prior fiscal year. The Block and Cointelegraph each read the filing, and the EDGAR record of it puts the submission at 17:23 Eastern time on November 10, under accession number 0001628280-26-072846.
Almost none of the loss was realized. The Block puts unrealized fair value losses at nearly $6.23 billion of the total, which is about 99% of it. The filing carries ether at fair value, so a price decline runs straight through reported earnings whether or not a coin moves. Ether fell about 44% across the fiscal year, from roughly $4,390 to $2,466 on The Block's reading of the period.
The balance sheet is why that is an accounting event rather than a solvency one. Cointelegraph's reading of the filing gives total assets of $15.4 billion against total liabilities of $33.7 million, which is about two-tenths of one percent of assets, with $545 million of cash and equivalents. A treasury company carrying almost no debt does not face a margin call when its asset falls. It reports a loss and keeps the asset. That is a different position from the treasury companies Galaxy Digital flagged in April as most exposed to forced sales or merger, where the risk was being made to sell rather than having to take a mark.
The operating business is a yield on the treasury. Revenue was $124.8 million for the year, and staking and validation supplied $121.4 million of it, about 97%. The EDGAR record puts the gross annual staking rate disclosed in the filing at roughly 2.5% to 4.0%. Cointelegraph reports that the revenue figure came in above a $119.8 million analyst average it attributes to Yahoo Finance.
The staked share has held as the stack has grown. Cointelegraph reports 5.23 million of BitMine's 6.07 million ether staked, about 86%, with an estimated $309 million of annualized rewards. MiningPool recorded the staked share passing 70% of a treasury then approaching five million ether in April. The dollar reward estimates attached to the two dates are not comparable, because an annualized reward moves with the ether price as well as with the staked balance.
The financing side of the year was larger than the loss. The Block reports that BitMine sold 395.1 million common shares through an at-the-market program for $13.2 billion gross, and repurchased 20.8 million shares at an average of $17, an outlay of about $354 million at that average price. The $13.2 billion was raised across the same twelve months in which the $6.3 billion loss accrued.
Buying continued after the year closed. Holdings stood at 5,901,837 ether and 211 bitcoin at August 31, worth $14.6 billion and $16.6 million. A company update issued the Monday before the filing put the stack at 6,070,092 ether, about 168,000 more than at year-end, and 4.97% of Ethereum's supply. The 211 bitcoin are worth roughly a thousandth of the ether position.
That 4.97% sits three hundredths of a percentage point below the ceiling Tom Lee has named. The chairman called 5% of ether's supply a "hard cap" at Token2049 on October 7, and The Block reports he has said BitMine would stop accumulating once it reaches the "Alchemy of 5%" target the company set when it launched the strategy in June 2025. Both are statements of intent from Lee rather than a commitment in the filing, and 4.97% is a rounded figure, so the headroom left in ether terms is not something these disclosures pin down. MiningPool reported the treasury crossing 4.8% of circulating ether in July.
The filing is direct about the mechanism. "Changes in ETH prices are expected to continue to cause significant volatility in our reported results," it says, in the passage The Block quotes. A company whose reported earnings are a function of one asset's price, and whose revenue is a yield on that same asset, has both lines moving on the same input.
Cointelegraph reports the shares closed 2.8% lower at $18.08 on Tuesday, down 33% so far in 2026, on Yahoo Finance data. Neither account of the filing gives a realized-loss figure, so these disclosures do not establish how much of the position has actually been sold at a loss.
