Bitmine Immersion Technologies, the largest corporate holder of ether, has filed its annual report for the fiscal year ended August 31, 2026, a year after it pivoted to an ETH treasury strategy.

The company booked roughly $6.2B in unrealized losses on its digital assets, which drove a net loss of about $6.3B. A year earlier it reported net income of $328.2M, helped by an $805M unrealized gain. Staking and validation revenue came in at $121.4M.

Bitmine held 5,901,837 ETH worth $14.56B as of August 31, about 4.9% of circulating supply.

Because digital assets are marked at fair value, ether price swings flow straight into reported earnings. The filing also notes an accumulated deficit of about $6.0B, which the company warns could weigh on investor confidence and its access to capital.