Bitmine Says Its Controls Are Still Not Effective as ETH Ended the Year $5.4 Billion Below Cost
By Unchained
AI summary of the source article
Bitmine Immersion Technologies reported that its internal controls over financial reporting remained ineffective for a second consecutive fiscal year. The ether treasury company also posted a net loss of $6.31 billion, driven mainly by unrealized digital asset markdowns.
Key facts
- Bitmine reported that material weaknesses in its internal controls over financial reporting continued to exist as of August 31, 2026.
- The firm held 5,901,837 ETH carrying a fair value of $14.56 billion against a cost basis of $19.95 billion at fiscal year-end.
- Bitmine booked a net loss of $6.31 billion for the fiscal year, compared to net income of $348.6 million in the prior year.
Source excerpt · Unchained
The ether treasury company's annual report also details a $143.7 million derivatives loss and a new 1.5% staking-fee deal with an Ethereum Tower affiliate. The post Bitmine Says Its Controls Are Still Not Effective as ETH Ended the Year $5.4 Billion Below Cost appeared first on Unchained .