BitMine’s pivot to Ethereum staking is paying off — and fast.
In the quarter ended May 31, BitMine Immersion Technologies pulled in $45.7 million from Ethereum staking and validation, making staking responsible for 98% of the company’s $46.5 million in total quarterly revenue, according to its latest 10-Q filing with the SEC. That marks a roughly 22-fold jump from a year earlier, when total quarterly revenue was just $2.05 million (machine leasing then contributed $1.08 million and Bitcoin self-mining $813,000).
How BitMine got here
- Native ETH staking began in November 2025. In March 2026 the company launched the Made in America Validator Network (MAVAN), an institutional-grade validator and staking platform aimed at serving custodians and other institutional clients beyond BitMine’s own treasury.
- In March BitMine also acquired Australian staking provider Pier Two. The business — now operating under the MAVAN brand — added $3.53 million in quarterly staking revenue.
Broader results and holdings
- For the nine months ended May 31, staking and validation generated $56.9 million, or 95% of BitMine’s revenue for the period.
- As of July 12, BitMine reported holding 5.77 million ETH, with 4,917,189 ETH staked through its operations and staking partners — about 85% of its ETH holdings.
- The company has a long-range target of owning 5% of Ethereum’s total supply, a goal Chairman Tom Lee has dubbed the “Alchemy of 5%.” Lee projects that, if the company stakes its entire ETH balance through MAVAN and partners, it could generate roughly $284 million in annualized staking rewards using a recent seven-day annualized yield of 2.70%. That estimate is explicitly a projection and depends on future staking yields, ETH prices and validator conditions.
Risks and financial picture
BitMine’s SEC filing flags the company’s heavy reliance on MAVAN-related staking and validation revenue as a business risk: lower staking yields, validator disruption, protocol changes or regulatory developments could materially affect future revenue. The filing also shows the company’s legacy businesses have dwindled — Bitcoin self-mining produced $624,000 this quarter and consulting $168,000, while machine leasing and mining-equipment sales generated no revenue after those operations were discontinued.
Despite the surge in top-line revenue, BitMine reported a quarterly net loss of $83.6 million, driven in part by derivative losses and other expenses. The results underscore that while staking has become BitMine’s dominant revenue engine, the company’s overall financial health remains tightly linked to ETH prices, staking economics and the execution of its broader treasury and institutional-staking strategy.
Bottom line
BitMine has rapidly transformed into an ETH staking-focused operator with a large corporate ETH treasury and an institutional staking play in MAVAN. The firm’s future earnings will increasingly depend on MAVAN’s ability to maintain validator performance and expand into third‑party institutional staking services — and on the broader dynamics of Ethereum staking yields and regulation.
Read more AI-generated news on: undefined/news
