Bitmine Immersion Technologies reported a $6.3 billion net loss for the fiscal year ended Aug. 31, driven largely by falling Ether (ETH) prices.
The company recorded a $6.2 billion unrealized loss on its digital assets, according to the Form 10-K it filed Tuesday. Bitmine posted a $348.6 million net profit the previous fiscal year.
Bitmine reported $15.4 billion in total assets and $33.7 million in liabilities at fiscal year-end. It held 5.9 million Ether worth $14.6 billion. Assets also included $545 million in cash and cash equivalents, 211 Bitcoin (BTC) valued at $16.6 million, $186 million in Beast Industries shares and $77 million in Eightco Holdings shares.
Bitmine’s revenue totaled $124.8 million, above the $119.8 million average analyst estimate listed by Yahoo Finance. Staking and validation accounted for $121.4 million, or 97% of revenue.
Bitmine shares closed 2.8% lower at $18.08 on Tuesday, bringing their year-to-date…
