BitMine just dropped a $6.3 billion net loss for their fiscal year that wrapped August 31 in that SEC filing from Tuesday.
BitMine’s Massive ETH Meltdown 📉
That insane figure came almost entirely from Ethereum tanking hard with $6.2 billion in unrealized losses booked. Over the year ETH swung on Coinbase from a high of $4,763 down to 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 explained in the filing 🖤.
They closed fiscal 2026 holding 5,901,837 ETH after starting from 1,874,927 which cost them $19.9 billion but was only worth $14.6 billion by year end prices. Their combined crypto cash and equity stash hit $15.4 billion then and dropped to $14.3 billion as of November 8 per the latest update here 💀.
They started selling ETH put options in the quarter ended February 28 2026 and those trades mostly puts netted a $143.7 million loss for the year with none open at the end. BitMine might try similar moves again but warned it could mess with dividends on their 9.50% preferred stock from June ✨.
General and admin costs climbed to $376.9 million from $361.1 million mainly due to ETH custody fees and bigger paychecks for staff plus board members 👀.
Staking Yielding Sweet Revenue 🌑
Staking plus validation pulled in $121.4 million which was about 97% of all their revenue after they kicked off their own ETH staking in November 2025 🦇.
They grabbed Pier Two the Australian staking outfit in March and merged it into MAVAN the platform they launched that same month 💸.
This whole dip buying vibe is kinda wild rn tho fr 🕯️.
Just another echo from the void by iconofsin.eth 💖
