BitMine reported a $2.8 billion profit for the quarter ended August 31, driven primarily by unrealized gains on its Ethereum holdings.
The company’s annual filing, released on November 10, makes the final‑quarter results measurable for the first time, as it combines the nine‑month figures (through May) with the full‑year totals.
By subtracting the cumulative nine‑month results from the full‑year numbers, CryptoSlate derived the June‑August performance, showing a $2.8 billion unrealized digital‑asset gain that slightly exceeds the quarter’s net income.
For the full fiscal year, BitMine posted a net loss of approximately $6.3 billion, compared with a $9.1 billion loss in the first nine months. This implies that the quarter’s profit, before preferred distributions, amounted to $2.8 billion.
Digital assets are recorded at fair value under BitMine’s accounting policy, meaning that valuation changes flow directly into net income without requiring a cash transaction.
BitMine operations still consumed cash
Operating cash flow was $305.1 million for the full year and $287.6 million for the first nine months, resulting in $17.5 million of cash used in the June‑August period despite the reported profit.
Staking and validation remain a major revenue source
Revenue from staking and validation services was $64.4 million in the final quarter, contributing to a total of $64.9 million in revenue, illustrating that these activities generate cash‑equivalent earnings even though cash receipts differ from reported profit.
For the full year, the cash‑flow statement adjusts for non‑cash staking and validation revenue and records $3 million in proceeds from digital‑asset sales within operating activities.
The July figures for staking income and options losses pertained to the prior quarter ended May 31. The latest filing completes the summer comparison, showing that revaluation boosted reported profit while operating cash continued to be used.
Summer reporting period, November disclosure2026 • REPORTING PERIOD AND DISCLOSUREMay 31Aug. 31Nov. 10June–August quarterAnnual filingRemeasurement enters income without creating a cash receipt.
Summer reporting period, November disclosure2026 • REPORTING PERIOD AND DISCLOSUREMay 31Aug. 31Nov. 10June–August quarterAnnual filingRevaluation enters income without a cash receipt.
Compare earnings with operating cash
Compare earnings with operating cashJune–August quarterFull fiscal year
Calculated quarter: the $2,809.474m revaluation gain exceeded $2,792.717m net income. Operating activities used $17.557m.
Calculated June–August quarter: earnings and operating cashCalculated June–August quarterEARNINGS MEASURES • USD MILLIONS01,0002,0003,000+2,792.717+2,809.474Net incomeAfter taxCrypto revaluation gainBefore taxOPERATING CASHSeparate scale • USD millions0−17.557−20Operating activities used cash.
Calculated June–August quarter: earnings and operating cashCalculated June–August quarterEARNINGS MEASURES • USD MILLIONS01,0002,0003,000+2,792.717+2,809.474Net incomeAfter taxCrypto revaluation gainBefore taxOPERATING CASHSeparate scale • USD millions0−17.557−20Operating activities used cash.
Reported year ended August 31: $6,313.386m net loss and $6,229.064m revaluation loss. Operations used $305.149m.
Reported full fiscal year: earnings and operating cashReported full fiscal yearEARNINGS MEASURES • USD MILLIONS0-3,333-6,667-10,000−6,313.386−6,229.064Net incomeAfter taxCrypto revaluation lossBefore taxOPERATING CASHSeparate scale • USD millions0−305.149−350Operating activities used cash.
The calculated quarter turned profitable; operating cash was negative in both reporting windows.
Quarterly figures are calculated, not separately reported. Net income is after tax; revaluation is before tax, so these bars are not an earnings reconciliation. Cash uses a separate scale. Axes change with the selected period. August results do not describe November performance.
Staking and validation remained a substantial revenue source. Subtracting the same periods implies $64.4 million of final‑quarter staking and validation revenue, out of $64.9 million in total revenue. Those earnings from services sit alongside the much larger valuation gain, but revenue and cash receipts remain different measures.
For the full year, the cash‑flow statement separately adjusts for non‑cash staking and validation revenue and includes $3 million of digital‑asset sale proceeds in operating activities.
The July figures for staking income and options losses concerned the earlier quarter ended May 31. The annual filing now completes the summer comparison, with revaluation lifting reported profit while operating activities continued to consume cash.
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