Revenue multiplied 20-fold, yet the company lost $6.3 billion in a year—and still holds nearly 5% of all ETH.
Bitmine (BMNR) just filed its fiscal 2026 annual report (Form 10-K, submitted to the SEC on November 10): it posted a net loss of $6.31 billion for the fiscal year, compared with a profit of $349 million a year earlier. Of that, $6.23 billion was an unrealized loss on its ETH holdings—the price of ETH fell 44% during the fiscal year, from $4,390 to $2,466.
But there’s another side to the numbers:
📊 At the end of August, it held 5.9 million ETH, with a fair value of $14.56 billion against a cost basis of $19.95 billion—an unrealized loss of about $5.4 billion;
📊 Full-year revenue was $124.8 million, up from just $6.1 million the year before, with 97% coming from staking and validation rewards;
📊 Update as of November 9: holdings had risen to 6.07 million ETH, or 4.97% of the total ETH supply—just shy of Tom Lee’s 5% target. It had staked 5.23 million ETH, with annual staking rewards projected at about $309 million.
This whale’s take: You can’t judge a treasury company’s financials just by how much it lost—the loss came from the falling price of its crypto holdings, not from burning through cash. The real things to watch are: First, it’s still adding to its holdings, which suggests management is betting on ETH’s long-term price. Second, staking rewards are already providing a steady source of income, and nearly all of its $125 million in revenue came from staking. Third, auditors still describe its internal controls as “ineffective,” and it also lost $144 million on derivatives—so take this company’s financials with a grain of salt. The ETH treasury business is a bet on conviction: conviction can bring gains, but it can also bring losses. This whale sticks to the data and won’t draw conclusions for anyone else. $ETH
Bitmine (BMNR) just filed its fiscal 2026 annual report (Form 10-K, submitted to the SEC on November 10): it posted a net loss of $6.31 billion for the fiscal year, compared with a profit of $349 million a year earlier. Of that, $6.23 billion was an unrealized loss on its ETH holdings—the price of ETH fell 44% during the fiscal year, from $4,390 to $2,466.
But there’s another side to the numbers:
📊 At the end of August, it held 5.9 million ETH, with a fair value of $14.56 billion against a cost basis of $19.95 billion—an unrealized loss of about $5.4 billion;
📊 Full-year revenue was $124.8 million, up from just $6.1 million the year before, with 97% coming from staking and validation rewards;
📊 Update as of November 9: holdings had risen to 6.07 million ETH, or 4.97% of the total ETH supply—just shy of Tom Lee’s 5% target. It had staked 5.23 million ETH, with annual staking rewards projected at about $309 million.
This whale’s take: You can’t judge a treasury company’s financials just by how much it lost—the loss came from the falling price of its crypto holdings, not from burning through cash. The real things to watch are: First, it’s still adding to its holdings, which suggests management is betting on ETH’s long-term price. Second, staking rewards are already providing a steady source of income, and nearly all of its $125 million in revenue came from staking. Third, auditors still describe its internal controls as “ineffective,” and it also lost $144 million on derivatives—so take this company’s financials with a grain of salt. The ETH treasury business is a bet on conviction: conviction can bring gains, but it can also bring losses. This whale sticks to the data and won’t draw conclusions for anyone else. $ETH
