Bitmine lost $6.3B on paper. Is this the ETH dip you've been waiting for?
Short answer: the loss alone is not a signal. Bitmine, the biggest corporate holder of Ether (ETH), filed its yearly report on Nov 10. About $6.23B of the loss is a markdown of ETH it still holds, not coins sold.
Why it tells you little? Accounting reprices its coins at each period end. ETH fell about 44% over the fiscal year ($4,390 to $2,466), so the loss mostly repeats what the ETH chart already showed. A year earlier, it reported a $348.6M profit.
It is also an old photo, taken Aug 31. ETH was near $2,234 on Nov 8. If it stays there through Nov 30, by my math the next report starts with about $1.4B of fresh markdown. If it ends above $2,466, it shows a gain.
If you are hunting for an entry, check these instead:
- Who is buying? Bitmine holds 4.97% of ETH supply and its chairman says buying stops at 5%. By my math, that is about 36,000 ETH away
- What do you own? Shares or ETH. Bitmine sold 395M new shares for $13.2B to buy ETH, so each share owns a smaller slice. The stock closed at $18.08 on Nov 10
- What pays the bills? Revenue was only $124.8M, 97% from staking (earning ETH for helping run the network). Its own estimate is $309M a year
My lesson from this case:
- A paper loss repeats the price, it does not predict it
- A dip needs a reason the price turns, not only a lower price
- Check the buyer, the share count and the income
What will be your entry for $ETH ?
Experience, not financial advice.
#BitMineReports$6.3BNetLossForFiscal2026
Short answer: the loss alone is not a signal. Bitmine, the biggest corporate holder of Ether (ETH), filed its yearly report on Nov 10. About $6.23B of the loss is a markdown of ETH it still holds, not coins sold.
Why it tells you little? Accounting reprices its coins at each period end. ETH fell about 44% over the fiscal year ($4,390 to $2,466), so the loss mostly repeats what the ETH chart already showed. A year earlier, it reported a $348.6M profit.
It is also an old photo, taken Aug 31. ETH was near $2,234 on Nov 8. If it stays there through Nov 30, by my math the next report starts with about $1.4B of fresh markdown. If it ends above $2,466, it shows a gain.
If you are hunting for an entry, check these instead:
- Who is buying? Bitmine holds 4.97% of ETH supply and its chairman says buying stops at 5%. By my math, that is about 36,000 ETH away
- What do you own? Shares or ETH. Bitmine sold 395M new shares for $13.2B to buy ETH, so each share owns a smaller slice. The stock closed at $18.08 on Nov 10
- What pays the bills? Revenue was only $124.8M, 97% from staking (earning ETH for helping run the network). Its own estimate is $309M a year
My lesson from this case:
- A paper loss repeats the price, it does not predict it
- A dip needs a reason the price turns, not only a lower price
- Check the buyer, the share count and the income
What will be your entry for $ETH ?
Experience, not financial advice.
#BitMineReports$6.3BNetLossForFiscal2026
