BitMine reports $6.31bn net loss for fiscal year on ether reserve writedowns

A year of losses on ether reserves

BitMine Immersion Technologies closed its fiscal year with a net loss of $6.31 billion, according to the report it filed with the U.S. Securities and Exchange Commission (SEC). The company is the largest corporate holder of ether, the report says.

BitMine said the loss was driven mainly by a fall in the market value of its crypto reserves. The filing does not, in the account reported, break out how much of the loss came from unrealised changes in the value of those holdings.

The company's results put a figure on how the year treated a corporate treasury built around ether. BitMine's filing describes the loss as a net figure for the fiscal year, without stating in the reported summary how the reserves are valued or whether any of the decline was realised through sales.

What the filing leaves open

The report as described does not say how BitMine intends to treat its ether holdings in the coming year, or whether it plans changes to the size of the reserve. It also does not give the company's revenue or the size of the reserve at year end in the summary reported.

BitMine did not comment beyond the filing in the account available.