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8h ago

BitMine Reports $6.3 Billion Paper Loss After Ethereum Markdowns

The company’s Nov. 11 SEC filing shows mark-to-market losses on a concentrated ETH treasury that cast doubt on whether big corporate holdings can reliably back an Ethereum store-of-value case.

Bitmine reports $6.3b net loss as ether plunges 44% during fiscal year

Overview

  • BitMine filed its Form 10-K on Nov. 11, 2026, showing a $6.3 billion net loss for the year ended Aug. 31 that was almost entirely a $6.2 billion unrealized markdown on digital assets.
  • The filing discloses 6.07 million ETH holdings, about 4.97% of supply, making BitMine the largest corporate Ether holder and placing it within reach of the company’s 5% target described by Chairman Tom Lee.
  • Revenue totaled $124.8 million for the year, with staking and validation generating $121.4 million or 97% of sales after BitMine began staking in November 2025.
  • BitMine has staked more than 86% of its ETH (about 5.23 million ETH) and estimates roughly $309 million in annualized staking rewards, yet the firm would need roughly a 50% ETH rally to erase the reported paper loss.
  • The company still shows $15.4 billion in total assets and only $33.7 million in liabilities, but the filing prompted a modest stock pullback and renewed market concern about concentrated ETH treasuries and what they mean for Ethereum’s demand-driven value story.