BitMine Immersion Technologies (stock code: BMNR), the listed company that holds the largest amount of Ethereum in the world, submitted to the U.S. Securities and Exchange Commission (SEC) on November 10, U.S. timeFiscal Year 2026 Annual Report (10-K). BitMine had a net loss of about $6.31 billion in the year ended August 31, compared with a net profit of about $349 million the year before.

The annual report stated that almost all of the losses came from changes in the fair value of Ethereum and Bitcoin, and unrealized losses on digital assets recognized throughout the year were approximately US$6.2 billion. BitMine follows U.S. accounting standards ASC 350-60 and evaluates its cryptocurrency holdings at market prices. The drop in currency prices is directly reflected on the income statement, even if none is sold.

Holds 5.9 million Ethereum coins, accounting for approximately 4.9% of the circulating supply

As of August 31, BitMine held 5,901,837 Ethereum coins, with a fair value of approximately US$14.56 billion, accounting for approximately 4.9% of the circulating supply of Ethereum at the time, equivalent to approximately US$2,467 per coin. The company said it aims to eventually hold around 5% of the ether supply.

Other assets include 211 Bitcoins (approximately $16.6 million), approximately $545 million in cash, approximately $186 million in strategic investments in Beast Industries, and approximately $77.1 million in Eightco, which holds a 31.94% stake. With assets totaling approximately $15.39 billion, BitMine calls itself the world’s largest Ethereum treasury company.

Issued 395 million additional shares in one year, raising US$13.2 billion

The money to buy coins mainly comes from the issuance of new shares. The annual report revealed that BitMine sold 395 million shares through the market price (ATM) plan this year, raising approximately US$13.2 billion, or approximately US$12.9 billion after expenses; the total limit of the ATM program was the highest at US$24.5 billion. The number of outstanding shares thus rose to 613 million from 232 million a year ago.

In the same year, BitMine also bought back 20.82 million treasury shares at an average price of $17 per share, leaving $3.6 billion in repurchase quota. Calculated by dividing the amount of funds raised by ATM by the number of shares, the average price of the additional issuance is approximately US$33 per share, and the buy-back price is approximately half of the additional issuance price.

Pledge revenue was US$121 million, accounting for 97% of revenue

BitMine pledges its Ethereum holdings, and its annual staking and verification revenue is approximately US$121 million, accounting for approximately 97% of its total revenue, with an annualized gross return rate of approximately 2.5% to 4%. The company acquired blockchain infrastructure company Pier Two in March and launched the institutional staking platform MAVAN. After the acquisition, it contributed approximately US$10.8 million in revenue by the end of August.

BitMine also conducted derivatives transactions with Ethereum as the underlying currency this year, and recognized a net loss of approximately US$144 million; as of August 31, there were no open positions.

There were major deficiencies in internal control, and the accounting year was changed to a calendar year system.

The risk factors in the annual report mentioned that there are "significant deficiencies" in the company's internal control over financial reporting, which are being improved, but there is no guarantee that they will be successful. BitMine switched its accounting firm from Bush & Associates to KPMG in April.

In July, the board of directors also approved changing the end of the fiscal year from August 31 to December 31, and adopting a calendar year system starting from 2027; additional transition period reports (10-KT) will be submitted during the four months from September to December. BitMine previously announced weekly currency holding and repurchase progress. For relevant reports, seeEthereum holdings exceed 6 million。

this article BitMine reported an annual net loss of US$6.3 billion and held 5.9 million ether coins first appeared in Chain News ABMedia。