BitMine reported a net loss of $6.3 billion for the fiscal year ended August 31, 2026, largely related to unrealized losses on its ETH holdings as prices fell.
The loss was disclosed in a Form 10-K filing, while BitMine recently said it holds 6.07 million ETH along with other assets. The size of its portfolio leaves the company’s results heavily exposed to fluctuations in Ethereum’s price.
BitMine’s losses and ETH price movements
BitMine's $6.3 billion net loss largely reflects the decline in ETH prices following the October 2025 downturn, according to the company's Form 10-K filing with the SEC.
The fiscal year in question ran from September 2025 to August 2026. During this period, ETH fell from a peak above $4,000 to nearly $2,000. Most of the loss came from fluctuations in the price of ETH still held by BitMine—that is, unrealized losses.
Metric Figure Net loss for the fiscal year ended August 31, 2026 $6.3 billion ETH price after the downturn starting in October 2025 From a peak above $4,000 to nearly $2,000 ETH BitMine recently reported holding nearly 6.07 million ETH BTC BitMine recently reported holding 216 BTC Cash and marketable securities $475 million Total value of cryptocurrency, cash, securities, and venture investments $14.3 billion
BitMine also holds stakes in Beast Industries and Eightco. The total value of $14.3 billion includes the company's cryptocurrency, cash, securities, and venture investments.
Source: X
Risks from large ETH holdings
BitMine's large ETH holdings expose it to further unrealized losses if prices continue to fall. According to the estimate cited, ETH would need to rise nearly 50% for the company to return to profitability.
ETH fell nearly 25% in the fourth quarter, more than twice as much as Bitcoin. If the trend continues, the $2,000 level could face further pressure, increasing the unrealized losses on BitMine's ETH holdings.
On-chain data has also recorded ETH sales and transfers by several parties. ETH transfers to Coinbase Prime are recorded separately from sales and do not mean that the ETH was sold.
Entity Activity Reported value A wallet associated with the Ethereum Foundation Sold an additional 1,000 ETH $2.03 million Large holders over the past week Sold a total of 17,800 ETH Approximately $40 million BlackRock Transferred additional ETH to Coinbase Prime $151 million
Source: X
Views on ETH as a store of value
Vitalik Buterin recently proposed viewing ETH as a store of value, emphasizing practical demand and network usage rather than focusing primarily on declining supply.
BitMine's loss raises questions about whether this view can hold up as ETH prices weaken. The company's ETH holdings demonstrate the scale of institutional demand, but they also leave BitMine exposed to significant risk if prices continue to fall.
Summary
BitMine reported a net loss of $6.3 billion for the fiscal year ended August 31, 2026, largely related to unrealized losses on ETH. With 6.07 million ETH recently reported as held, price fluctuations remain a key factor for the company's portfolio.
Source: https://tintucbitcoin.com/bitmine-lo-63-ty-usd-bai-hoc-xay-dung-kho-du-tru-eth/
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