# BitMine’s Ether Holdings Ended Fiscal Year $5.3 Billion Below Cost

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/54483
Published: 2026-11-11T21:19:20.000Z
Updated: 2026-11-11T21:19:20.000Z
Section: Business

> The company’s stated $19.9 billion cost compares with a $14.6 billion year-end value, a $5.3 billion gap.

BitMine’s Ether (ETH) holdings were valued at $14.6 billion at fiscal year-end, $5.3 billion below their $19.9 billion purchase cost, showing the size of the company’s year-end valuation gap.

The difference is the stated cost minus the year-end value. Against the $19.9 billion cost, the gap equals about 26.6%; the $14.6 billion valuation was about 73.4% of cost. Those percentages compare the two figures and do not measure Ether’s price change over a specified period.

That comparison is a snapshot of the position at the fiscal-year cutoff. A value below acquisition cost indicates a paper shortfall, but it does not by itself establish that BitMine sold ETH or realized the entire difference as an accounting loss. The cost and year-end value describe the holding’s value relationship at that point.

For a corporate crypto treasury, the year-end valuation shows what the asset position was worth at the reporting cutoff, while purchase cost records what the company paid. BitMine’s figures leave those measures $5.3 billion apart.