Bitmine, the Largest Corporate Ethereum Holder, Reports a $6.3 Billion Annual Loss

Bitmine, the company that holds more ether than any other firm, reported a net loss of more than $6.3 billion for its financial year ended August 31, 2026. A year earlier, it made a net profit of $348.6 million.

Why it matters

Bitmine owns 6.07 million ETH, or 4.97% of all ether in existence. A company this large is a major buyer in the market, so its health matters to every ETH holder.

The loss is almost entirely on paper. About $6.23 billion of it comes from the fall in the value of the crypto it holds, not from selling. Ether dropped about 44% over Bitmine's financial year, from $4,390 to $2,466.

If ETH recovers, much of that loss can reverse. If it keeps falling, the losses grow. Bitmine itself warned that the ETH price will keep driving its results, including its income from staking.

What a crypto treasury company is

Bitmine is one of several listed companies that raise money from investors to buy and hold a cryptocurrency. Strategy, led by Michael Saylor, does the same with bitcoin and is the only crypto treasury company larger than Bitmine.

Because these firms report the value of their coins every quarter, a falling market shows up directly as a loss on their books.

Still buying

Bitmine does not disclose what it paid for its ether. Research site Dropstab estimates its average purchase price at $3,317, well above today's price of about $2,070.

The company is still buying. Its chairman Tom Lee has said Bitmine will stop once it holds 5% of all ETH. At 4.97%, it is now very close.