On November 11, 2026, Jinse Finance reported that Ethereum treasury company BitMine (BMNR) had disclosed, in a Form 10-K filed with the U.S. Securities and Exchange Commission, a net loss of about $6.313 billion for the fiscal year ended August 31, 2026. The prior fiscal year was a net profit of $349 million.
Jinse attributed the result mainly to fair-value changes in digital assets. For the year, BitMine recorded about $6.229 billion of unrealized losses on digital assets, chiefly because the fair value of ETH fell. That is an accounting mark on assets the company already held, not a disclosed count of users, transactions, or lost customers.
Revenue, and what it measures
Full-year revenue was about $125 million. Staking and validation contributed about $121 million, roughly 97% of that total. The comparison window is the fiscal year ended August 31, 2026; the baseline is the company’s own revenue mix, not the prior year’s profit and not network-wide activity.
Those figures describe fee-like activity at one corporate treasury. They do not separate incentive yield from other validation income, and they are not a user, address, or retention metric.
Two holding snapshots
At the August 31, 2026 fiscal year-end, BitMine held 5,901,837 ETH and 211 BTC. The ETH position’s cost was about $19.948 billion, and its fair value at period-end was about $14.559 billion.
In a separate holdings update BitMine published on November 9, holdings as of November 8 had risen to 6,070,092 ETH, about 4.97% of ETH supply, of which 5,227,037 ETH were staked. The 4.97% figure uses ETH supply as the denominator and measures one company’s concentration, not active users. The staked amount is a single-date inventory split; the report does not show how long those coins stay staked or whether the stake would remain if yields or prices changed.
The move from 5,901,837 ETH on August 31 to 6,070,092 ETH on November 8 is a change in reported corporate holdings across two disclosures. It is not evidence of broader adoption, and the year’s large loss shows that a lower ETH price can dominate reported results even when staking and validation account for nearly all revenue.
Original report: Jinse Finance, November 11, 2026, 13:14 (UTC+8). That report cites BitMine’s Form 10-K for the year ended August 31, 2026: https://www.sec.gov/Archives/edgar/data/1829311/000162828026072846/bmnr-20260831.htm
