BitMine Posts a $6.3 Billion Loss as a 44% Ethereum Slide Hits the Biggest ETH Treasury

Published November 11, 2026, 4:07 PM PKT. Based on BitMine Immersion Technologies' Form 10-K filed with the U.S. Securities and Exchange Commission (primary source), and reporting by The Block, Coinotag and TradersUnion (secondary sources).

BitMine Immersion Technologies, the largest Ethereum ($ETH) treasury company, reported a net loss of $6.313 billion for the fiscal year ended August 31, 2026, a sharp reversal from $348.6 million in net income the previous fiscal year, after a steep fall in the price of ether erased billions from the value of its holdings on paper.

The loss was driven almost entirely by accounting, not by cash leaving the company. BitMine recorded about $6.229 billion in unrealized fair value losses on its digital assets during the year, according to its Form 10-K filing with the U.S. Securities and Exchange Commission, as ether fell about 44% across the fiscal year.

An unrealized loss marks down assets a company still owns, so BitMine did not spend or sell $6.23 billion. The filing notes that because its digital assets are measured at fair value, with changes recognized in earnings, swings in the ether price are expected to keep causing large volatility in its reported results, stockholders' equity and financial condition.

The $6.23 billion unrealized loss

BitMine's net loss of $6.313 billion compares with net income of $348.6 million in the prior fiscal year, a swing of about $6.66 billion in a single year. Nearly all of it, $6.229 billion, came from unrealized fair value losses on digital asset holdings, the 10-K shows.

The company's total revenue for the year was about $124.8 million, and staking and validation services contributed about $121 million of that, roughly 97% of revenue. The operating business, in other words, produced about $125 million while the treasury markdown produced a loss roughly 50 times larger.

BitMine raised the money for its ether buying largely by selling its own shares. At-the-market share sales issued about 395.1 million shares and grossed about $13.2 billion in fiscal 2026, according to the filing.

From $4,390 to $2,466: the 44% slide

Ether fell about 44% during BitMine's fiscal year, sliding from approximately $4,390 to $2,466, The Block reported, citing the 10-K. The decline hit the company's balance sheet directly because its entire strategy is built around holding ether.

BitMine completed its transition from a Bitcoin ($BTC) mining business to an Ethereum-focused treasury and blockchain infrastructure company during the year, and the annual statement reads as the balance sheet cost of that choice in a falling market. The company also held 211 Bitcoin ($BTC) at year end, valued at about $16.6 million, a small position next to its ether stash.

The slide has continued since the fiscal year ended. Ether traded at about $2,054 at 10:20 UTC on November 11, 2026, down about 2% over 24 hours, The Currency Analytics reported, leaving the company's holdings worth less still than the $14.6 billion fair value recorded at August 31.

5.9 million ETH and a $19.9 billion cost basis

As of August 31, 2026, BitMine held 5,901,837 Ethereum ($ETH) with a fair value of approximately $14.6 billion, the filing shows. The cost basis of those holdings was about $19.948 billion, against a fair value of about $14.559 billion at period end, leaving an unrealized gap of about $5.39 billion on the year end balance sheet.

The scale of the position makes BitMine the dominant corporate holder of ether. The 5.9 million coins held at year end represented close to 5% of all ether in circulation, and the company has kept adding since.

Still buying toward 5% of all ether

Despite the paper losses, BitMine continued to buy ether. In a company update dated November 9, BitMine said it has accumulated 6,070,092 Ethereum ($ETH), about 4.97% of the token's total supply, with 5,227,037 of those coins staked.

Chairman Tom Lee has said BitMine will stop accumulating once it reaches its "Alchemy of 5%" target, set when the Ethereum ($ETH) treasury strategy began in June 2025. At 4.97% of supply, the company is now within a fraction of that ceiling, having added about 168,000 coins between the August 31 year end and the November 9 update.

The filing's warning is explicit: as long as BitMine holds ether at fair value, further price swings will flow straight into its earnings. A recovery in ether would reverse part of the loss just as mechanically as the decline created it.

Internal controls flagged as not effective

The 10-K also disclosed that management found internal control over financial reporting was not effective as of August 31, 2026, due to continuing material weaknesses across all five components of the COSO framework, Quantli reported, citing the filing.

The disclosure raises questions about the reliability of the company's financial reporting, on top of the earnings volatility created by the treasury strategy itself. BitMine did not say in the filing excerpts when the weaknesses would be fixed.

Sources

• BitMine Immersion Technologies, Form 10-K for the fiscal year ended August 31, 2026, filed with the U.S. Securities and Exchange Commission, November 2026 (primary source: net loss of $6,313.4 million versus net income of $348.6 million in the prior year; $6,229.1 million unrealized loss on digital asset holdings; 5,901,837 ETH held at year end with a fair value of approximately $14.559 billion and a cost basis of approximately $19.948 billion; 211 BTC held at a fair value of approximately $16.6 million; total revenue of approximately $124.8 million, with staking and validation contributing about $121 million; at-the-market share sales of about 395.1 million shares grossing about $13.2 billion)
• The Block, Bitmine reports $6.3 billion net loss in latest fiscal year, driven by 44% ether decline, November 11, 2026 (secondary source: ether fell about 44% in the fiscal year, from approximately $4,390 to $2,466; Monday press release said BitMine has accumulated 6,070,092 ETH, reaching 4.97% of the token's supply; chairman Tom Lee said BitMine would stop accumulating once it reaches its target)
• Coinotag, Bitmine Posts $6.3B Loss on Ethereum (ETH) Decline, November 11, 2026 (secondary source: company update dated November 9 put total ETH holdings at 6,070,092, about 4.97% of total Ethereum supply; holdings grew from 5,901,837 ETH at year end to 6,070,092 ETH)
• TradersUnion, Bitmine posts $6.3 billion fiscal net loss as ether price slide hits holdings, November 11, 2026 (secondary source: BitMine reports $124.8 million in annual revenue, with staking and validation contributing 97% of total revenue; Tom Lee said BitMine plans to stop accumulating once it reaches its "Alchemy of 5%" target set when it launched its Ethereum treasury strategy in June 2025)
• KuCoin News, BitMine 2026 Fiscal Year Net Loss of $6.313 Billion, November 11, 2026 (secondary source: as of November 8, ETH holdings had increased to 6,070,092 ETH, about 4.97% of ETH's total supply, of which 5,227,037 ETH have been staked)
• Quantli, Bitmine Immersion's Pivot to ETH Treasury Strategy Drives Massive Loss, November 10, 2026 (secondary source: management disclosed that internal control over financial reporting was not effective as of August 31, 2026, due to continuing material weaknesses across all five COSO framework components)
• The Currency Analytics, Bitmine posts $6.3 billion loss as ether falls 44%, November 11, 2026 (secondary source: as of 10:20 UTC on November 11, Ethereum traded at $2,054, down 2.0% over 24 hours)

This article is news reporting and is not investment advice.