$BMNR · BITMINE IMMERSION TECHNOLOGIES, INC.
Bitmine Immersion Technologies filed its FY2026 10-K (fiscal year ended August 31, 2026). Total revenue rose to $124.8M from $6.1M, driven almost entirely by $121.4M in new staking and validation revenue following the March 2026 acquisition of Pier Two (MAVAN). However, a $6.23B unrealized loss on digital asset holdings (vs. an $805.0M gain in FY2025) produced a net loss attributable to common stockholders of $6.32B, versus a $328.2M profit a year earlier. The company holds 5.9M ETH and 211 BTC with a fair value of $14.58B against a cost basis.
- Revenue grew to $124.8M in FY2026 from $6.1M in FY2025, led by $121.4M in staking/validation revenue.
- Unrealized loss on digital assets was $6.23B in FY2026 versus an $805.0M gain in FY2025.
- Net loss attributable to common stockholders was $6.32B, versus a $328.2M profit in FY2025.
- Digital asset holdings: 5.9M ETH and 211 BTC, fair value $14.58B against cost basis.
- Pier Two (MAVAN) acquisition contributed $10.8M revenue and a net loss under $0.1M since the March 2026 close.
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A $6.3B swing from profit to loss on mark-to-market ETH holdings shows the extreme volatility of the treasury-staking model investors are now underwriting.
The pivot mirrors the ETH-treasury strategy popularized by peers like Strategy (MSTR) and ETH-focused treasuries, with results now dominated by mark-to-market digital asset swings rather than mining economics.
Material weaknesses in internal control over financial reporting remain unremediated. Concentration of revenue in ETH staking via MAVAN exposes results to slashing events, validator failures, and ETH price volatility; goodwill and intangibles from the Pier Two acquisition carry impairment risk.