Bitmine Books $6.3 Billion Fiscal-Year Loss as Ether Falls 43%

Bitmine Immersion Technologies posted a $6.313 billion net loss for the fiscal year ended Aug. 31, including $6.229 billion in unrealized fair-value losses on digital assets as Ether (ETH) fell 43% during the year.

The loss reversed a $328 million profit in the prior fiscal year. The valuation charge reflected changes in the accounting value of the company’s holdings rather than cash paid out. Bitmine’s operating expenses totaled $6.606 billion.

At Aug. 31, Bitmine held 5,901,837 ETH valued at $14.559 billion, against a $19.948 billion cost basis. That implies an average acquisition cost of about $3,380 per ETH, compared with a fiscal-year-end price of $2,467. The holdings represented about 4.9% of Ether’s circulating supply.

Bitmine recorded $124.8 million in revenue. Staking and validator services contributed $121.4 million, or about 97%, while mining revenue was $1.4 million, down 56.7% from the previous year.

The company’s current quarter ends Nov. 30.