Bitmine Immersion Technologies reported a net loss of $6.3 billion for the fiscal year ended Aug. 31, largely because of declining Ether ($ETH) prices.

The company posted a $6.2 billion unrealized loss on its digital assets, according to the Form 10-K filed Tuesday. In the previous fiscal year, Bitmine reported a net profit of $348.6 million.

At the end of the fiscal year, Bitmine reported total assets of $15.4 billion and liabilities of $33.7 million. Its holdings included 5.9 million Ether valued at $14.6 billion. The assets also included $545 million in cash and cash equivalents, 211 Bitcoin (BTC) valued at $16.6 million, $186 million in Beast Industries shares and $77 million in Eightco Holdings shares.

Bitmine reported revenue of $124.8 million, topping the average analyst estimate of $119.8 million listed by Yahoo Finance. Staking and validation generated $121.4 million, or 97% of revenue.

Bitmine shares fell 2.8% to close at $18.08 on Tuesday, taking their year-to-date decline to 33%, according to Yahoo Finance. The company filed its 10-K after the market closed.

In a Monday update, Bitmine, the largest corporate holder of Ether, said its holdings had risen to 6.07 million $ETH, or 4.97% of the supply. The company estimated annualized rewards of $309 million on the 5.23 million $ETH it had staked.

In a keynote at Token2049 in Singapore on Oct. 7, Bitmine Chairman Tom Lee described 5% of Ether’s supply as a “hard cap” for the company’s holdings.