🚨 The biggest ETH treasury just posted one of the biggest losses in crypto history!
What Happened?
BitMine Immersion $BMNR filed its 10-K for fiscal year ended Aug 31, 2026:
- Net Loss: $6.31 BILLION
- Last Year: +$348.6M Net Profit
- Loss Per Share: -$13.11
Why So Big?
Almost ALL of it is PAPER loss:
- Unrealized Loss: $6.23B on digital assets
- ETH fell -44% in fiscal year: $4,390 → $2,466
- They did NOT sell at a loss — accounting rules force them to mark down
But There Is GOOD News Too:
✅ Revenue: $124.8M (up from $6.1M last year!)
✅ Staking Revenue: $121.4M = 97% of total revenue
✅ Annualized Staking: ~$309M
✅ Derivatives Loss: -$143.7M on ETH puts
✅ Controls STILL not effective — 2nd year in a row, auditor changed to KPMG
The Holdings (The Real Story):
As of Aug 31:
- 5,901,837 ETH — Cost $19.95B, Value $14.56B = -$5.4B underwater
- 211 BTC — $16.6M
As of Nov 8 (Latest Update):
- 6,070,092 ETH = 4.97% of ALL ETH supply!
- Total holdings: $14.3B
- Almost at Tom Lee's 5% "Alchemy of 5%" target!
Stock Reaction:
BMNR closed -2.8% at $18.08, down -33% YTD
Is BitMine In Trouble?
NO — They didn't lose cash. They still hold 6M+ ETH and earn $309M/year from staking. But this shows the DARK side of treasury model: When ETH falls, your earnings collapse on paper.
🟢 = Bullish — Paper loss, still stacking, staking prints cash
🔴 = Bearish — $6.3B loss + weak controls = Red flag
#BitMineReports$6.3BNetLossForFiscal2026
#BMNR #Ethereum #TomLee #crypto
