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Get filing alertsStanding Risk Factors
- Material Weakness In Internal Controls (unchanged) — Management concluded disclosure controls ineffective as of May 31, 2026 due to material weaknesses in ICFR identified during FY2025 annual audit preparation.
BMNR pivots to Ethereum staking (98% of Q3 revenue), posts $9.1B net loss on ETH impairment
Filed July 14, 2026 · Period ending May 31, 2026 · Compared to 10-Q/A Jul 3, 2025 · ~2 min read
Key Changes
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Revenue surged 2167.8% YoY to $46.5M, driven entirely by Ethereum staking launched Nov 2025; operating loss widened from $468K to $11.9M as G&A and unrealized digital-asset losses offset staking gains.
MD&A: Revenue & Operating Results verify on EDGAR → -
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Company recorded $9.0B unrealized loss on its $10.9B ETH holdings (5.4M ETH) for the nine months ended May 31, 2026, reflecting ETH price decline vs. $19.1B cost basis; net loss was $9.1B.
Notes: Digital Assets verify on EDGAR → -
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Post-quarter, raised ~$280M (3.5M × $80; filing rounds to $300M) net via 3.5M shares of 9.50% Series A Perpetual Preferred Stock at $80/share (computed gross $280M); declared and paid dividends of $0.43/share in June-July 2026.
Notes: Subsequent Events verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · Jul 20, 2026 · How we verify