#BitMineReports$6.3BNetLossForFiscal2026
BitMine's $6.3B loss: paper hit, real questions 📉
BitMine ($BMNR) posted a $6.31B net loss for FY2026 (ended Aug 31), versus a $348.6M profit last year. The headline looks brutal, but $6.23B of it is unrealized: ETH fell ~44% over the year and fair-value accounting marked the treasury down.
✅ What holds up
• Revenue $124.8M, 97% from staking
• 6.07M $ETH held (4.97% of supply), 5.23M staked
• ~$545M cash at year-end
⚠️ What the cross-check flags
• Internal controls: material weaknesses across all five COSO components
• 9.5% preferred = ~$33.3M a year in cash dividends
• Heavy share issuance funded the buying, so ETH per share matters more than total ETH
🎯 Next catalyst: only ~40K ETH remain to the 5% target (last weekly buy: 9,587 ETH). If buying slows, who steps in?
Takeaway: not $6.3B of cash burned, but this model lives and dies by ETH price and financing costs. DYOR.
Do you track ETH per share or total ETH held?
#Ethereum #Bitmine #ETHTreasury
$ETH
BitMine's $6.3B loss: paper hit, real questions 📉
BitMine ($BMNR) posted a $6.31B net loss for FY2026 (ended Aug 31), versus a $348.6M profit last year. The headline looks brutal, but $6.23B of it is unrealized: ETH fell ~44% over the year and fair-value accounting marked the treasury down.
✅ What holds up
• Revenue $124.8M, 97% from staking
• 6.07M $ETH held (4.97% of supply), 5.23M staked
• ~$545M cash at year-end
⚠️ What the cross-check flags
• Internal controls: material weaknesses across all five COSO components
• 9.5% preferred = ~$33.3M a year in cash dividends
• Heavy share issuance funded the buying, so ETH per share matters more than total ETH
🎯 Next catalyst: only ~40K ETH remain to the 5% target (last weekly buy: 9,587 ETH). If buying slows, who steps in?
Takeaway: not $6.3B of cash burned, but this model lives and dies by ETH price and financing costs. DYOR.
Do you track ETH per share or total ETH held?
#Ethereum #Bitmine #ETHTreasury
$ETH
