BitMine’s annual submitting implies an almost $2.8 billion revenue for the Ethereum treasury firm within the three months ended Aug. 31, pushed by unrealized good points on its digital belongings.
The annual accounts filed Nov. 10, in contrast with the nine-month statements by Could, make the final-quarter end result measurable for the primary time.
CryptoSlate calculated the June-August figures by subtracting the cumulative nine-month quantities from the full-year totals.
BitMine reported a full-year internet lack of about $6.3 billion, in opposition to a $9.1 billion loss for the primary 9 months. Calculations utilizing the filings’ underlying figures indicate $2.8 billion in final-quarter internet revenue, measured earlier than most popular distributions.
The principal driver was a calculated $2.8 billion unrealized digital asset achieve throughout June-August, barely greater than the quarter’s internet revenue. The cumulative unrealized loss had narrowed from about $9 billion by Could to $6.2 billion for the complete yr.
Beneath BitMine’s accounting coverage, digital belongings are measured at truthful worth, and adjustments stream by internet revenue. The next valuation can improve reported earnings with out a corresponding money receipt.
BitMine operations nonetheless used money
BitMine used $305.1 million in working actions over the complete yr and $287.6 million over the primary 9 months. The distinction is $17.5 million of working money utilized in June-August, regardless of the calculated revenue.
Summer season reporting interval, November disclosure2026 • REPORTING PERIOD AND DISCLOSUREMay 31Aug. 31Nov. 10June–August quarterAnnual filingRemeasurement enters revenue with out making a money receipt.
Summer season reporting interval, November disclosure2026 • REPORTING PERIOD AND DISCLOSUREMay 31Aug. 31Nov. 10June–August quarterAnnual filingRevaluation enters revenue with out a money receipt.
Evaluate earnings with working money
Evaluate earnings with working moneyJune–August quarterFull fiscal yr
Calculated quarter: the $2,809.474m revaluation achieve exceeded $2,792.717m internet revenue. Working actions used $17.557m.
Calculated June–August quarter: earnings and working cashCalculated June–August quarterEARNINGS MEASURES • USD MILLIONS01,0002,0003,000+2,792.717+2,809.474Net incomeAfter taxCrypto revaluation gainBefore taxOPERATING CASHSeparate scale • USD millions0−17.557−20Operating actions used money.
Calculated June–August quarter: earnings and working cashCalculated June–August quarterEARNINGS MEASURES • USD MILLIONS01,0002,0003,000+2,792.717+2,809.474Net incomeAfter taxCrypto revaluation gainBefore taxOPERATING CASHSeparate scale • USD millions0−17.557−20Operating actions used money.
Reported yr ended August 31: $6,313.386m internet loss and $6,229.064m revaluation loss. Operations used $305.149m.
Reported full fiscal yr: earnings and working cashReported full fiscal yearEARNINGS MEASURES • USD MILLIONS0-3,333-6,667-10,000−6,313.386−6,229.064Net incomeAfter taxCrypto revaluation lossBefore taxOPERATING CASHSeparate scale • USD millions0−305.149−350Operating actions used money.
Reported full fiscal yr: earnings and working cashReported full fiscal yearEARNINGS MEASURES • USD MILLIONS0-3,333-6,667-10,000−6,313.386−6,229.064Net incomeAfter taxCrypto revaluation lossBefore taxOPERATING CASHSeparate scale • USD millions0−305.149−350Operating actions used money.
The calculated quarter turned worthwhile; working money was adverse in each reporting home windows.
Quarterly figures are calculated, not individually reported. Web revenue is after tax; revaluation is earlier than tax, so these bars will not be an earnings reconciliation. Money makes use of a separate scale. Axes change with the chosen interval. August outcomes don’t describe November efficiency.
Staking and validation remained a considerable income supply. Subtracting the identical durations implies $64.4 million of final-quarter staking and validation income, out of $64.9 million in whole income. These earnings from providers sit alongside the a lot bigger valuation achieve, however income and money receipts stay totally different measures.
For the complete yr, the cash-flow assertion individually adjusts for noncash staking and validation income and consists of $3 million of digital asset sale proceeds in working actions.
The July numbers for staking revenue and choices losses involved the sooner quarter ended Could 31. The annual submitting now completes the summer time comparability, with revaluation lifting reported revenue, whereas working actions continued to eat money.
