Key Highlights

  • Bitmine Immersion Technologies (NYSE:BMNR) reported a USD 13.11 diluted loss per share for the fiscal year ended August 31, 2026, driven by a USD 6,229.1 million unrealized loss on digital assets.
  • Bitdeer Technologies Group (NASDAQ:BTDR) grew third quarter Revenue about 89% to USD 320.7 million, yet cash fell to USD 163.7 million from USD 456.8 million after USD 478 million of capital expenditures.
  • Datacentrex (NASDAQ:DTCX) saw revenue fall about 29% to USD 1,736,681 while Gross Profit shrank to USD 79,536 on higher hosting costs.
  • Fold Holdings (NASDAQ:FLD) reported net revenue down 43.8% to USD 4.16 million, while custody and trading revenue rose 269% to USD 1.28 million.

Bitmine Immersion Technologies (NYSE:BMNR): An ETH Fair Value Swing Drives the 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, or USD 13.11 per diluted share, against Net Income of USD 348.6 million a year earlier. Because digital Assets are measured at fair value through earnings, an unrealized loss of USD 6,229.1 million on holdings drove the result, where the prior year carried an unrealized gain of USD 805.0 million. Revenue rose to USD 124.8 million from USD 6.1 million, with staking and validation contributing USD 121.4 million after native staking began in November 2025. The company held 5,901,837 ETH with a fair value of about USD 14.6 billion and USD 545.1 million of cash. General and administrative expense was USD 376.9 million. Adjusted EBITDA was a loss of USD 154.5 million, and adjusted figures add back USD 200.0 million of one-time fees. Funding came largely from an at-the-market program that sold 395.1 million shares for net proceeds of USD 12,940.8 million. Substantially all holdings are ETH, so reported results at Bitmine Immersion Technologies (NYSE:BMNR) will keep moving with its price.

Bitdeer Technologies Group (NASDAQ:BTDR): Record Revenue, Heavy Spending, Thinner Cash

Bitdeer Technologies Group (NASDAQ:BTDR) reported third quarter 2026 results on a call on November 10, 2026, with management calling it a record quarter. Revenue was USD 320.7 million, up about 89% year over year, and gross profit turned positive at USD 10.8 million. Net loss was USD 125.5 million, including USD 125.8 million of Depreciation and amortization and a USD 54.6 million non-cash fair value loss on Bitcoin-denominated borrowings. Adjusted EBITDA was USD 69.6 million. Management said the company mined 3,855 Bitcoin, up 43% from the second quarter. Cash fell to USD 163.7 million from USD 456.8 million at the end of the second quarter after USD 478 million of capital expenditures, and total Debt was USD 1.95 billion. Management said its AI platform represents about USD 7.6 billion of expected contracted revenue, including about USD 4.7 billion from the base term of a Norway Lease and about USD 2.9 billion of AI cloud backlog, while stressing that negotiated opportunities are not binding commitments. Project financing and GPU financings in Malaysia are planned but still in progress, which leaves Bitdeer Technologies Group (NASDAQ:BTDR) reliant on outside funding.

Datacentrex (NASDAQ:DTCX): Costs Rise as Mining Revenue Falls

Datacentrex (NASDAQ:DTCX) filed its Quarterly Report on Form 10-Q on November 10, 2026, covering the three months ended September 30, 2026. Revenue was USD 1,736,681, down about 29% from USD 2,449,482, while cost of revenue rose to USD 1,657,145 from USD 998,496, leaving gross profit of USD 79,536. The company owns Scrypt-based proof-of-work mining machines, and it operated 3,085 of them across four colocation sites in the United States. Depreciation of USD 3,275,361 helped widen the net loss to USD 2,608,602 from USD 1,530,912. A net gain on digital assets of USD 2,202,885 cushioned the result and can reverse. Management reported adjusted EBITDA of about USD 1.3 million, which the filing says reflects those treasury gains. Nine-month revenue rose to USD 5,829,668, but the nine-month net loss grew to USD 14,228,666. Electricity prices are fixed by contract at the current hosting sites, which gives cost certainty but no relief if mining rewards fall. Cash was USD 27,547,026, and the filing gave no guidance or consensus comparison for Datacentrex (NASDAQ:DTCX).

Fold Holdings (NASDAQ:FLD): Revenue Falls 43.8% as Gift Cards Lift Custody

Fold Holdings (NASDAQ:FLD) filed its quarterly report on November 10, 2026, covering the three months ended September 30, 2026. Net revenue was USD 4.16 million, down 43.8% from USD 7.40 million, which the company blamed on the digital asset downturn that began in late 2025. Merchant offers revenue fell 64% to USD 2.4 million, while custody and trading revenue rose 269% to USD 1.28 million, mostly from Bitcoin gift card sales. Net loss was USD 2.65 million, against net income of USD 0.55 million, and the adjusted EBITDA loss was USD 4.46 million against USD 4.20 million. A USD 4.08 million gain on Investment treasury bitcoin cushioned the quarter. The bitcoin treasury shrank to about 247 BTC worth USD 20.7 million from 1,606 BTC worth USD 140.5 million at the end of 2025, and cash was USD 21.7 million. Nasdaq sent a minimum bid price deficiency notice on July 14, 2026, and stockholders approved a reverse split on October 22, 2026, subject to board discretion. For a company in that position, a small number of trades can move the price, spreads can be wide and quoted moves can reverse. A USD 25 million committed Equity Facility was signed by Fold Holdings (NASDAQ:FLD) on September 4, with no shares sold under it by quarter end.

Where Things Stand

Partly: all four are tied to crypto prices, but through different channels. Bitmine Immersion Technologies (NYSE:BMNR) books ETH price changes straight through earnings, which produced the USD 6,229.1 million unrealized loss. Bitdeer Technologies Group (NASDAQ:BTDR) grew revenue about 89%, and its loss came mostly from depreciation, a non-cash borrowing charge and heavy investment. Datacentrex (NASDAQ:DTCX) saw costs rise while revenue fell, with a digital asset gain masking part of the pressure. Fold Holdings (NASDAQ:FLD) lost revenue as customer volumes fell and merchant offers shrank. Periods differ, since Bitmine reported a full fiscal year and the others a quarter, so loss sizes are not directly comparable. Watch Bitmine's transition report, Bitdeer's Tydal Phase 1 delivery, Datacentrex's revenue per unit of hashrate and Fold's reverse split decision.