BitMine reported a $6.3 billion net loss for the fiscal year ending August 2026, despite revenue surging nearly 1,900% to $124.81 million.

The main reason? Ethereum’s price decline. $ETH fell roughly 44%, from around $4,300 to $2,400, triggering a $6.23 billion unrealized loss on Bitmine’s holdings under fair-value accounting rules.
But Bitmine's Ethereum strategy continues:
$ETH holdings: 6.07 million ETH.
Supply share: Approximately 4.97%.
Staking: More than 86% of its ETH is staked.
Revenue growth: Primarily driven by staking income.
Chairman Tom Lee says purchases will stop once Bitmine reaches its 5% ETH supply target.
🔎 BMNR stock levels on ascending channels lately: $18 support, $15 downside level, and $22 resistance.
To answer your question, why they keep buying: simply because Ethereum, for now, sounds like one of the safest blockchains available, and it is and will be the second token after BTC by market cap, and the most important thing the market has always shown that this kind of investment strategy has paid off at the end.