BitMine net loss in its 10-K: more than $6.3 billion for the year, almost all of it unrealized losses on 5.9 million ether, as Polymarket prices ETH near $2,000 to $2,100
BitMine, chaired by Fundstrat's Tom Lee, builds its treasury mostly by selling stock. The 10-K shows 395,136,273 shares sold through its at-the-market program for gross proceeds of $13,201 million and net proceeds of $12,941 million. The Block also reports 20.8 million shares repurchased at an average of $17. Revenue was $124.8 million, per The Block, and the filing puts staking and validation revenue at $121.4 million, about 97% of the total. Because staking rewards are paid in ETH, a falling ether price cuts the dollar value of that income too. The 10-K warns that changes in ETH prices are expected to keep causing significant volatility in reported results.
What the market is pricing
Polymarket's daily ether price markets settle at noon ET (17:00 UTC). Bid and ask from the public Gamma API, read at 09:15 UTC on November 12, alongside Binance spot:
| Market, 09:15 UTC Nov 12 | Bid | Ask |
|---|---|---|
| ETH on Nov 12: $2,000 to $2,100 | 86.0% | 87.0% |
| ETH on Nov 12: $1,900 to $2,000 | 5.7% | 9.1% |
| ETH on Nov 15: $2,000 to $2,100 | 44.0% | 46.0% |
| ETH on Nov 15: $1,900 to $2,000 | 22.0% | 27.0% |
| ETH on Nov 15: $2,100 to $2,200 | 19.0% | 23.0% |
| Binance ETH/USDT spot (24h change) | $2,042.10 (-0.6%) | |
For November 15 the market spreads probability across three bands, with roughly a quarter on a move below $2,000. Ether funding and leverage conditions are on BetG8's live crypto funding rates page.
What the treasury is worth now
BitMine said in a November 9 press release that it held 6,070,092 ETH, 4.97% of supply, as of November 8, valued at $2,234 per token, with $475 million in cash and marketable securities and total holdings of $14.3 billion. It said it was "99% of the way" to its "Alchemy of 5%" goal. At Binance's $2,042.10, those ether holdings are worth about $12.4 billion, a BetG8 calculation, so the drop since November 8 alone takes roughly $1.2 billion off the stated figure. BMNR closed at $19.24 on November 11, up 6.4% on the day, per Twelve Data, against a 52-week range of $12.80 to $42.08. Using the 626,451,021 shares on the 10-K cover page, that is a market value of about $12.1 billion, close to the ether stack alone. We have not adjusted for liabilities, so this is a rough comparison, not a net asset value.
Why fair value accounting magnifies the swing
BitMine marks its crypto at fair value each period, so price moves go straight through the income statement even when no ether is sold. The Block puts the fiscal-year move at roughly $4,390 to $2,466 per ETH. A recovery would produce unrealized gains on the same basis, and a further fall would add to the losses in the current quarter, which ends November 30. The filing's loss is therefore mainly an accounting snapshot of the ether price at August 31, not cash that left the company.
What to watch next
Whether BitMine reaches 5% of ETH supply and stops buying, as Lee has indicated, whether its share sales continue with the stock far below its 52-week high, and where ether ends the November quarter. Daily Polymarket ether bands give a running read on near-term price expectations.
Method and limits
Annual figures come from BitMine's Form 10-K on SEC EDGAR, with prior-year income, revenue and buyback details from The Block. Holdings after August 31 come from the company's November 9 press release. Polymarket prices were read from the public Gamma API and ETH spot from the Binance 24-hour ticker at 09:15 UTC on November 12; BMNR is the November 11 close from Twelve Data. Market value figures are BetG8 calculations. Nothing here is investment advice.
LIVE MARKETHow many Fed rate cuts in 2026?Trade on Polymarket →Related
- Crypto funding rates, live
- Why is Ethereum price down today?
- MARA selling bitcoin as Strategy buys
- The real cost of crypto funding rates
Frequently asked questions
How much did BitMine lose in fiscal 2026?
BitMine's 10-K reports a net loss of about $6.3 billion for the year ended August 31, 2026, substantially all from about $6.2 billion of unrealized fair value losses on its ether and bitcoin.
How much ether does BitMine hold?
It held 5,901,837 ETH at August 31, 2026, worth $14.56 billion at the time. Its November 9 press release put holdings at 6,070,092 ETH, about 4.97% of supply.
What does Polymarket price for ether this week?
At 09:15 UTC on November 12, Polymarket priced ether finishing November 15 between $2,000 and $2,100 at about 44% to 46%, with about 22% to 27% on $1,900 to $2,000. These are market prices, not predictions.
Sources
- SEC EDGAR, BitMine Immersion Technologies Form 10-K, fiscal year ended August 31, 2026
- The Block, Bitmine reports $6.3 billion net loss
- Chainwire (BitMine press release), Bitmine announces ETH holdings reach 6.07 million tokens
- Polymarket, Ethereum price on November 15?, read 09:15 UTC, November 12, 2026
18+ only. This page reports market prices and published facts; it is not betting, financial or legal advice, and prices are not predictions. If gambling stops being fun, help is available at 1-800-GAMBLER.