BitMine reported a net loss of $6.3 billion for the fiscal year ending August 31. The company attributed nearly the entire loss to unrealized declines in the value of its Ethereum holdings, which dropped approximately 45% during the period. The price of ETH fell from $4,458 at the start of the fiscal year to about $2,467 by August 31.
Despite the valuation losses, staking operations generated $121.4 million in revenue, accounting for roughly 97% of the company's total income. BitMine utilizes its internal platform MAVAN, launched in March 2026, alongside external providers to stake its assets. As of November 8, the firm held over 6 million ETH, with 5,227,037 coins currently staked.
The company is approaching its self-imposed limit of holding 5% of the total Ethereum supply. BitMine currently controls 4.97% of the 122.2 million circulating ETH. With approximately 40,000 ETH remaining to reach the cap, the firm expects to cease its weekly purchasing program within four weeks, shifting its focus to staking rewards as the primary source of new coins.
Future revenue projections remain tied to market volatility and network conditions. Based on a 2.65% yield and an asset price of $2,234 per ETH, the company estimates annual staking rewards at $309 million. However, the firm noted that reward rates may decrease as the total amount of ETH staked across the broader network continues to rise.
