Bitmine reports $6.3B loss for the fiscal year ending August 2026. However, revenue jumped 1,900% to $124.81 million.
Why Bitmine reports $6.3B loss despite revenue growth
The net loss largely stemmed from Ethereum’s price decline. Specifically, Ethereum fell 44% from about $4,300 to $2,400 during the year. Therefore, Bitmine recorded a $6.23 billion unrealized loss on its ETH holdings.
The company explained the accounting. “We account for digital assets at fair value under ASC 350-60,” Bitmine said. As a result, price declines appear immediately in results. This can produce large reported losses even without selling.
Meanwhile, Bitmine’s 6,070,092 ETH stash now sits at a 4.97% supply share. The company is close to its 5% target.
Revenue surges 1,900% on staking
Despite the loss, revenue climbed sharply. It rose from $6.1 million to $124.81 million. Consequently, staking drove most of that growth.
Bitmine staked over 86% of its Ethereum. It began staking in November 2025. Therefore, the 2026 fiscal year captured a full year of staking income.
In addition, Bitmine recently bought 9,587 ETH. These purchases support its path toward the 5% target. Chairman Tom Lee said the company will halt ETH purchases at 5%.
BMNR stock prediction as downtrend persists
BMNR stock remains in a downtrend. A descending channel shows rising selling pressure. Currently, the stock tests the channel’s midline at $18.
If shares slip below $18, they could drop to $15 next. Conversely, a close above $18 for three straight days would confirm an uptrend. That move could target $22.
The CMF line is rising. This creates a bullish divergence. It shows selling pressure is easing even as price falls. Therefore, the CMF setup supports a potential move to $22.
However, the RSI remains below 50. This suggests bearish momentum persists. Meanwhile, the weekly MACD crossed negative and fell below its signal line. In addition, red AO bars are shrinking. These signals support the bearish thesis.
Key levels to watch
Support sits at $18, then $15. Resistance sits at $22. Therefore, traders should watch whether BMNR holds $18. A break below could accelerate selling.