Key Highlights

  • USD 13.11 diluted loss per common share for the fiscal year ended August 31, 2026, against diluted Earnings of USD 13.41 a year earlier, as net loss reached USD 6,313.4 million versus Net Income of USD 348.6 million.
  • Unrealized losses on digital asset holdings were USD 6,229.1 million for the year, compared with an unrealized gain of USD 805.0 million in fiscal 2025, as ETH prices declined during the period.
  • Revenue rose to USD 124.8 million from USD 6.1 million, with staking and validation contributing USD 121.4 million, about 97% of the total, after native staking began in November 2025.
  • At August 31, 2026 the company held 5,901,837 ETH with a Fair Value of about USD 14.6 billion, alongside USD 545.1 million of cash and cash equivalents.

A Fair Value Swing Turns Profit Into a Large Loss

Bitmine Immersion Technologies (NYSE:BMNR) filed its Annual Report on Form 10-K on November 10, 2026, covering the fiscal year ended August 31, 2026. Net loss was USD 6,313.4 million, against net income of USD 348.6 million a year earlier, and the GAAP diluted loss per common share was USD 13.11 versus earnings of USD 13.41. Because digital Assets are measured at fair value through earnings, a USD 6,229.1 million unrealized loss on holdings drove the result, where the prior year carried an unrealized gain of USD 805.0 million. Partial offsets included a USD 257.9 million gain on the fair value of Warrant liabilities and an income tax benefit of USD 92.3 million.

Staking Revenue Replaces Mining as the Core Business

The company describes itself as a US-based digital asset technology company that shifted from Bitcoin Mining and hosting toward accumulating, staking and managing ETH. Revenue was USD 124.8 million, against USD 6.1 million, and staking and validation supplied USD 121.4 million, including USD 10.8 million from Pier Two, acquired on March 24, 2026 and run through its MAVAN staking platform. Self-mining revenue fell to USD 1.4 million from USD 3.1 million. General and administrative expense rose 4.4% to USD 376.9 million. On a non-GAAP basis, adjusted EBITDA was a loss of USD 154.5 million versus a loss of USD 8.0 million, and adjusted diluted loss per common share was USD 0.18 against USD 5.04. Adjusted figures add back USD 200.0 million of one-time fees.

ETH Concentration, Dilution and the Preferred Dividend

Substantially all digital assets are ETH, so reported results will keep moving with its price even when nothing is sold. Funding came largely from the at-the-market program, which sold 395.1 million shares for net proceeds of USD 12,940.8 million during the year, and common shares outstanding stood at 613,267,022 at year end. The company also repurchased 20,819,071 shares at an average of USD 17 and had USD 3.6 billion of its USD 4.0 billion authorization remaining. In June 2026 it sold 3,500,000 shares of 9.50% Series A Preferred Stock at USD 80.00, with dividends payable weekly. Management flagged staking Yield swings, internal control weaknesses and a move to a December 31 fiscal year end.

Where Things Stand

The USD 13.11 loss per share mainly reflects marking ETH holdings down by USD 6,229.1 million, not a collapse in the operating business, since staking revenue grew to USD 121.4 million. Still, Bitmine Immersion Technologies (NYSE:BMNR) remains tied to one asset, so earnings, Equity and Capital access follow ETH prices, and general expense of USD 376.9 million is large against revenue of USD 124.8 million. Next markers are a transition report for September 1 to December 31, 2026, staking revenue growth through MAVAN, preferred Dividend coverage and further buyback or share issuance activity.