Bitmine Reports $6.3B Net Loss as Ether Plunges 44% During Fiscal Year

Bitmine Immersion Technologies reported a $6.31 billion net loss for its 2026 fiscal year, driven by a $6.23 billion unrealized loss on its cryptocurrency holdings as ether fell 44% during the period. The disclosure, made in the company's annual SEC filing, underscores the risk facing digital asset treasury firms that have expanded aggressively into crypto holdings. Bitmine's results highlight how sharply ether's decline has eroded balance sheets at companies that hold the token as a core reserve asset. Investors will be watching whether Bitmine adjusts its treasury strategy or slows accumulation in the coming quarters.