The newest BMNR earnings report places a tough quantity on what a 12 months of falling ether costs did to the world’s largest ETH treasury: a internet lack of $6.31 billion.
Bitmine Immersion Applied sciences filed its annual report on Kind 10-Okay with the SEC late on Nov. 10, protecting the fiscal 12 months that ended Aug. 31, 2026.
Nearly the complete loss, $6.23 billion, got here from unrealized honest worth declines on digital belongings the corporate nonetheless holds.
For Bitcoin traders, one element stands out: the identical submitting exhibits Bitmine’s small BTC place misplaced far much less of its worth than its ether stack over the identical 12 months.
The larger query now’s whether or not a treasury mannequin constructed on one risky asset can preserve elevating capital when its e book worth sits beneath what it paid.
What Do the BMNR Earnings Truly Present?
Complete income reached $124.8 million, up from $6.1 million a 12 months earlier, when Bitmine was nonetheless principally a Bitcoin mining and internet hosting enterprise.
Staking and validation income made up $121.4 million of that, about 97% of the entire, in accordance with the 10-Okay.
The highest line, nonetheless, was dwarfed by the mark-to-market hit.
Beneath the ASC 350-60 honest worth guidelines, Bitmine booked a $6,229.1 million unrealized loss on its digital belongings, towards a $805 million unrealized acquire the prior 12 months.
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It additionally recorded a $143.7 million internet loss on ETH-referenced by-product contracts, partly offset by a $257.9 million acquire from modifications within the honest worth of warrant liabilities.
The underside line was a $6,313.4 million internet loss, in contrast with internet earnings of $348.6 million in fiscal 2025. The corporate ended the 12 months with an gathered deficit of about $5.99 billion.
Money is the opposite a part of the story. Web money utilized in working actions rose to $305.1 million from $4.1 million, whereas investing outflows, principally ETH purchases, totaled $12.86 billion.
How Massive Is the Hole Between Price and Worth?
Notice 4 of the submitting lays out the treasury in plain numbers.
On Aug. 31, 2026, Bitmine held 5,901,837 ETH with a value foundation of $19.95 billion and a good worth of $14.56 billion.
That works out to a median value of about $3,380 per ether towards a year-end mark close to $2,467, a niche of roughly $5.39 billion.
A 12 months earlier, the image was the reverse. The corporate held 1,874,927 ETH valued at $8.26 billion, about $834 million above value.
Bitmine has saved shopping for because the fiscal 12 months closed. Its Nov. 9 replace, filed as an 8-Okay exhibit, listed 6,070,092 ETH, or 4.97% of provide, with 5,227,037 ETH staked. We tracked that push towards its 5% purpose in our earlier protection.
With ether close to $2,081 on Nov. 11, in accordance with CoinGecko knowledge, these 6.07 million tokens are value roughly $12.6 billion.
Why Bitcoin Held Up Higher on the Identical Stability Sheet
Bitmine began life as a Bitcoin miner, and it nonetheless retains a small BTC reserve.
The ten-Okay lists 211 BTC with a good worth of $16.6 million on Aug. 31, 2026, up from 192 BTC a 12 months earlier.
Dividing honest worth by items offers a clear comparability of how every asset was marked over the fiscal 12 months.
Ether’s implied value dropped 44% to about $2,467, whereas bitcoin’s fell 27.9% to about $78,545.
Each declines are actual, and we don’t wish to understate them.
Nonetheless, the comparability issues. Bitcoin absorbed a troublesome macro 12 months with a drawdown roughly 16 proportion factors smaller than ether’s, on the identical firm’s personal accounting.
That resilience suits a sample we flagged when the ETH/BTC ratio slid to its weakest stage since July.
We imagine that’s the quiet lesson for treasury firms: the asset with the deepest liquidity and the only financial story tends to carry its worth higher when markets tighten.
Can the Treasury Mannequin Preserve Funding Itself?
Bitmine’s personal danger components are candid concerning the stress factors.
The corporate warns that enormous reported losses “could adversely have an effect on investor confidence, analyst protection, index inclusion, and the willingness of counterparties to transact with us.”
It additionally flags a attainable “premium collapse,” because the technique depends on its shares buying and selling at a premium to the belongings behind them.
Through the 12 months, Bitmine purchased again 20,819,071 shares at a median of $17, about $354 million, and nonetheless had $3.6 billion of approved repurchase capability at year-end.
It raised most well-liked capital too, pricing 3.5 million shares of 9.50% Collection A Most well-liked Inventory in June, which provides a set dividend to fund.
Administration additionally disclosed materials weaknesses in inside management over monetary reporting that it’s working to remediate.
On the constructive aspect, staking offers Bitmine an earnings stream a pure holding firm lacks, with the submitting citing a gross annual fee of about 2.5% to 4.0% on staked ETH.
An analogous paper-gain dynamic, operating within the different path, drove SharpLink’s quarterly revenue earlier this month.
What Ought to Buyers Watch After the 10-Okay?
We might watch three issues within the coming weeks.
Whether or not ether can get better towards Bitmine’s roughly $3,380 common value, which would want a acquire of about 62% from $2,081.Whether or not BMNR shares preserve a premium to the worth of its holdings, which governs how cheaply it may situation new inventory.The corporate’s 10-QT transition report for the three months ended Nov. 30, which it plans to file because it strikes its fiscal year-end to Dec. 31.
Bitcoin, in the meantime, traded close to $74,500 on Nov. 11, in accordance with CoinGecko knowledge, up about 1.2% over 24 hours.
Its fastened 21 million provide, deep spot ETF market and rising record of company holders give it a sturdier base than any single-company treasury wager.
The approaching weeks will present whether or not Bitmine’s paper loss seems to be a low-water mark, and whether or not extra treasuries resolve that essentially the most sturdy reserve asset is the one Bitmine began with.
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