Tom Lee’s Bitmine Reports a $6.3 Billion Annual Loss as Ether’s Slide Hits Its Books

Bitmine Immersion Technologies ended its fiscal year on Aug. 31 with a loss above $6.3 billion, a sharp reversal from the $348.6 million profit it booked a year earlier. Almost $6.23 billion of that came from paper losses on its crypto holdings, since the company counts them at fair value and runs every price change through earnings. Ether fell about 43% over the year, from roughly $4,390 to $2,466. The firm warns that this setup will keep its results and equity swinging with ETH prices.

What Bitmine Held at Fiscal Year End

At the close of August, the company owned 5,901,837 ETH worth $14.6 billion, plus 211 BTC valued at $16.6 million. Since then it has kept buying and now holds 6,070,092 ETH, or 4.97% of total supply. Chairman Tom Lee says purchases will stop once it reaches the 5% goal it set when the strategy began in June 2025.

Stock Sales, Buybacks and Staking Revenue

To fund the buying, Bitmine sold 395.1 million shares through its at-the-market program for $13.2 billion in gross proceeds, and it bought back 20.8 million shares at an average of $17. Revenue came to $124.8 million, with staking and validation making up 97% of it. Because rewards are paid in ether, the price decline cut that income too.