Bitmine posts a $6.3 billion annual loss as ether falls 44% over its fiscal year, after raising $13.2 billion by selling shares

Ether's slide has turned Bitmine's treasury into a multibillion-dollar loss. The company, which holds ether as its main asset, reported a net loss of about $6.3 billion for the fiscal year that ended August 31, according to its annual report filed with the SEC. Most of it came from unrealized changes in the fair value of its ether and bitcoin, because it measures those holdings at fair value, with changes recognized in earnings. A year earlier it reported net income of $348.6 million, The Block said.

At the end of August Bitmine held 5,901,837 ETH with a fair value of about $14.6 billion, plus 211 BTC. Ether fell about 44% over the fiscal year, from roughly $4,390 to $2,466, The Block reported. Staking and validation brought in $121.4 million, about 97% of revenue.

The company raised money mainly by issuing stock. It sold 395,136,273 shares through its at-the-market program for $13.2 billion gross, and repurchased 20,819,071 shares at an average of $17. Executive Chairman Tom Lee has said Bitmine would stop adding ether once it owns 5% of the supply. It held 6,070,092 ETH, about 4.97%, as of its most recent holdings update, The Block reported.