BitMine posts $2.8B quarterly profit driven by Ethereum gains, but yearly net loss surpasses $6B

BitMine’s annual filing implies a nearly $2.8 billion profit for the Ethereum treasury company in the three months ended Aug. 31, driven by unrealized gains on its digital assets.

The annual accounts filed Nov. 10, compared with the nine-month statements through May, make the final-quarter result measurable for the first time.

CryptoSlate calculated the June-August figures by subtracting the cumulative nine-month amounts from the full-year totals.

BitMine reported a full-year net loss of about $6.3 billion, against a $9.1 billion loss for the first nine months. Calculations using the filings’ underlying figures imply $2.8 billion in final-quarter net income, measured before preferred distributions.

The principal driver was a calculated $2.8 billion unrealized digital asset gain during June-August, slightly more than the quarter’s net income. The cumulative unrealized loss had narrowed from about $9 billion through May to $6.2 billion for the full year.

Under BitMine’s accounting policy, digital assets are measured at fair value, and changes flow through net income. A higher valuation can increase reported earnings without a corresponding cash receipt.

BitMine operations still used cash

BitMine used $305.1 million in operating activities over the full year and $287.6 million over the first nine months. The difference is $17.5 million of operating cash used in June-August, despite the calculated profit.

Compare earnings with operating cash

Calculated quarter: the $2,809.474m revaluation gain exceeded $2,792.717m net income. Operating activities used $17.557m.

The calculated quarter turned profitable; operating cash was negative in both reporting windows.

Quarterly figures are calculated, not separately reported. Net income is after tax; revaluation is before tax, so these bars are not an earnings reconciliation. Cash uses a separate scale. Axes change with the selected period. August results do not describe November performance.

Sources and evidence

Sources

1. Bitmine 2026 annual accounts
2. Bitmine nine-month accounts through May 2026

Supporting facts

• Bitmine’s November 10, 2026 annual accounts cover the fiscal year ended August 31, 2026; the final-quarter figures are calculated by subtracting the nine-month statements through May 31. [1] [2]
• Bitmine reported a $6.313386 billion net loss for the year ended August 31, 2026 and a $9.106103 billion net loss for the nine months ended May 31, 2026. [1] [2]
• Subtracting the nine-month net loss from the full-year net loss implies $2.792717 billion of net income for June through August 2026. [1] [2]
• Bitmine’s cumulative unrealized digital-asset loss was $6.229064 billion for the full fiscal year, compared with $9.038538 billion through May 31. [1] [2]
• Subtracting the cumulative digital-asset valuation losses implies an unrealized gain of $2.809474 billion for June through August 2026. [1] [2]
• Bitmine used $305.149 million of operating cash in the full fiscal year and $287.592 million in the first nine months. [1] [2]
• Subtracting the cumulative cash-flow figures implies $17.557 million of operating cash used in June through August 2026, despite positive calculated net income. [1] [2]
• Bitmine measures its digital assets at fair value, with changes recognized in net income, so an unrealized valuation gain can lift reported earnings without producing cash receipts. [1]
• The implied final-quarter unrealized digital-asset gain was larger than the calculated quarterly net income, identifying revaluation as the dominant profit driver. [1] [2]

Method

Quarter = annual less nine months, using signed USD-thousand figures; divide by 1,000 to show USD millions. Quarter: net income +2,792.717; revaluation +2,809.474; operating cash −17.557. Annual: −6,313.386; −6,229.064; −305.149. Bars start at zero. Earnings axes and cash axes are separately labelled and change with the selected period.

Scope

Quarterly figures are calculated, not separately reported. Net income is after tax; revaluation is before tax, so these bars are not an earnings reconciliation. Cash uses a separate scale. Axes change with the selected period. August results do not describe November performance.

Infographic by CryptoSlate

Staking and validation remained a substantial revenue source. Subtracting the same periods implies $64.4 million of final-quarter staking and validation revenue, out of $64.9 million in total revenue. Those earnings from services sit alongside the much larger valuation gain, but revenue and cash receipts remain different measures.

For the full year, the cash-flow statement separately adjusts for noncash staking and validation revenue and includes $3 million of digital asset sale proceeds in operating activities.

The July numbers for staking income and options losses concerned the earlier quarter ended May 31. The annual filing now completes the summer comparison, with revaluation lifting reported profit, while operating activities continued to consume cash.