BitMine’s business has completed a dramatic pivot to Ethereum staking — and the numbers in its latest SEC filing make that shift unmistakable.
In the quarter ended May 31, BitMine Immersion Technologies reported $45.7 million in revenue from Ethereum staking and validation, accounting for 98% of its $46.5 million total quarterly revenue. That marks roughly a 22-fold jump from the company’s revenue a year earlier, when total quarterly revenue was just $2.05 million.
What changed
- BitMine began native ETH staking in November 2025 and launched the institutional Made in America Validator Network (MAVAN) in March 2026. MAVAN provides validator and staking infrastructure designed to serve custodians and institutional clients beyond BitMine’s own treasury.
- In March, BitMine acquired Australian staking infrastructure provider Pier Two; the acquisition contributed $3.53 million in quarterly staking revenue and now operates under the MAVAN brand.
Bigger picture and holdings
- For the nine months ended May 31, staking and validation produced $56.9 million — 95% of revenue for that period.
- As of July 12, BitMine held 5.77 million ETH, of which 4,917,189 ETH (about 85%) were staked through its operations and partners.
- Chairman Tom Lee has articulated a long-term goal for BitMine to own 5% of Ethereum’s total supply, a plan he calls the “Alchemy of 5%.” Using a recent seven-day annualized staking yield of 2.70%, Lee estimates that once BitMine’s full ETH balance is staked via MAVAN and partners, annualized staking rewards could reach roughly $284 million — a projection that will fluctuate with yields, ETH prices, and validator conditions.
Risks and remaining business lines
- BitMine’s 10-Q flags concentration risk: staking and validation revenue is heavily centered on MAVAN-related operations. Lower staking yields, validator outages, protocol changes, or new regulation could materially affect future revenue.
- Legacy businesses have shrunk substantially. In the quarter, Bitcoin self-mining contributed $624,000 and consulting $168,000. Machine leasing and equipment sales produced no revenue after those operations ended.
Profitability
- Despite the revenue surge, BitMine recorded a quarterly net loss of $83.6 million, driven in part by derivative losses and other expenses. The results underscore that while staking now powers BitMine’s top line, the company’s overall financial health remains sensitive to ETH market dynamics, staking economics, and broader treasury strategy.
Why it matters
BitMine’s rapid transition from legacy mining services into large-scale institutional ETH staking signals growing corporate confidence in staking as a revenue engine. Its MAVAN push and growing ETH treasury make it a notable player in institutional staking, but the company’s concentrated exposure also means its fortunes are increasingly tied to Ethereum yields, validator reliability, and regulatory outcomes — factors that will determine whether staking can sustainably replace traditional mining revenue.
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