Bitmine posts $6.3B net loss for fiscal 2026 as Ether prices slide

The scale of Bitmine's unrealized losses shows how concentrated Ether exposure turns a price decline into a balance-sheet event rather than a trading setback. Holding roughly 5% of total ETH supply makes the company a de facto proxy for the asset, so its fiscal results now track Ether's direction more than any operating performance. The open question is whether that position is managed actively or held through the cycle, since the difference shapes how future swings read on the income statement.