cryptoslate.com
12 November 2026 03:37, UTC
BitMine’s annual filing implies a nearly $2.8 billion profit for the Ethereum treasury company in the three months ended Aug. 31, driven by unrealized gains on its digital assets.
The annual accounts filed Nov. 10, compared with the nine-month statements through May, make the final-quarter result measurable for the first time.
CryptoSlate calculated the June-August figures by subtracting the cumulative nine-month amounts from the full-year totals.
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BitMine reported a full-year net loss of about $6.3 billion, against a $9.1 billion loss for the first nine months. Calculations using the filings’ underlying figures imply $2.8 billion in final-quarter net income, measured before preferred distributions.
The principal driver was a calculated $2.8 billion unrealized digital asset gain during June-August, slightly more than the quarter’s net income. The cumulative unrealized loss had narrowed from about $9 billion through May to $6.2 billion for the full year.
Under BitMine’s accounting policy, digital assets are measured at fair value, and changes flow through net income. A higher valuation can increase reported earnings without a corresponding cash receipt.
BitMine used $305.1 million in operating activities over the full year and $287.6 million over the first nine months. The difference is $17.5 million of operating cash used in June-August, despite the calculated profit.
Staking and validation remained a substantial revenue source. Subtracting the same periods implies $64.4 million of final-quarter staking and validation revenue, out of $64.9 million in total revenue. Those earnings from services sit alongside the much larger valuation gain, but revenue and cash receipts remain different measures.
For the full year, the cash-flow statement separately adjusts for noncash staking and validation revenue and includes $3 million of digital asset sale proceeds in operating activities.
The July numbers for staking income and options losses concerned the earlier quarter ended May 31. The annual filing now completes the summer comparison, with revaluation lifting reported profit, while operating activities continued to consume cash.
