In an annual report filed with the SEC on Tuesday, BitMine reported a net loss of $6.3 billion for the fiscal year ended August 31.
Nearly all of that staggering figure came from Ethereum’s ($ETH) falling price, with $6.2 billion in unrealized losses. During the fiscal year, $ETH traded on Coinbase between a high of $4,763 and a low of $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 holding 5,901,837 $ETH, up from 1,874,927. The holdings cost $19.9 billion and were worth $14.6 billion at year-end prices. BitMine valued its combined crypto, cash and equity holdings at $15.4 billion on that date; its Monday update put the total at $14.3 billion as of November 8.
The filing also shows that the firm began selling $ETH put options in the quarter ended February 28, 2026. These options pay BitMine a premium up front, but could cost the company money if $ETH falls below an agreed price.
The company’s options trading, mostly put sales, resulted in a net loss of $143.7 million over the year. It had no open option contracts at year-end and said it may again use similar strategies. BitMine warned that losses on options could impair its ability to pay dividends on the 9.50% preferred stock offering it launched in June, as CryptoPotato reported.
General and administrative expenses increased to $376.9 million from $361.1 million, mainly because of $ETH custody fees and higher compensation for staff and board members, BitMine said.
Staking Brings in $121.4 Million
Staking and validation generated $121.4 million, accounting for about 97% of BitMine’s revenue. The company began staking its own $ETH in November 2025.
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In March, BitMine acquired Pier Two, an Australian staking provider, and incorporated it into MAVAN, the staking platform it launched that month.
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