BitMine posts $2.8B quarterly profit driven by Ethereum gains, but yearly net loss surpasses $6B
BitMine reported a calculated $2.8 billion net income for the three months ended Aug. 31, 2026, driven by unrealized gains on its Ethereum holdings, despite a full-year net loss of $6.3 billion.
BitMine’s annual accounts filed Nov. 10 reveal a calculated $2.8 billion net income for the June-August period. This figure was derived by subtracting the cumulative nine-month results from the full-year totals.
The primary driver of this profit was a $2.8 billion unrealized digital asset gain. Under BitMine’s accounting policy, changes in the fair value of its digital assets flow through net income, even without a corresponding cash receipt.
The cumulative unrealized loss had narrowed from about $9 billion through May to $6.2 billion for the full year.
Operations consume cash despite profit
BitMine’s operations continued to consume cash, using $17.5 million in operating activities during the June-August quarter. Over the full year, the company used $305.1 million in operating activities.
Staking and validation remained a substantial revenue source, contributing $64.4 million in the final quarter. However, these earnings from services sit alongside the much larger valuation gain.
The company’s annual filing separately adjusts for noncash staking and validation revenue and includes $3 million of digital asset sale proceeds in operating activities.
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