Bitmine Immersion Technologies reported a substantial net loss of $6.3 billion for the fiscal year ending August 31, primarily due to the decline in Ether (ETH) prices. The company recorded $6.2 billion in unrealized losses on its digital assets, a stark contrast to the $348.6 million net profit it posted the previous fiscal year.
As of Sunday, Bitmine held 6.07 million ETH, representing 4.97% of Ether’s total supply. The company’s total assets amounted to $15.4 billion, with $5.9 million Ether valued at $14.6 billion. Other assets included $545 million in cash, 211 Bitcoin (BTC) worth $16.6 million, and shares in Beast Industries and Eightco Holdings valued at $186 million and $77 million, respectively.
Bitmine’s revenue for the fiscal year totaled $124.8 million, slightly above the $119.8 million analyst estimate. Staking and validation services accounted for $121.4 million, or 97% of the company’s revenue. Despite the financial setback, Bitmine shares closed at $18.08 on Tuesday, marking a 2.8% decline and a year-to-date drop of 33%.
During a keynote at Token2049 in Singapore on October 7, Bitmine Chairman Tom Lee stated that 5% of Ether’s supply would serve as a “hard cap” for the company’s holdings. The company recently announced that its holdings had grown to 6.07 million ETH, completing 97% of its treasury accumulation goal.