Bitmine says ETH staking generated $45.7 million, accounting for 98% of quarterly revenue

Markets•July 15, 2026, 9:04AM EDT
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Bitmine says ETH staking generated $45.7 million, accounting for 98% of quarterly revenue
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Quick Take

  • Bitmine generated $45.7 million in Ethereum staking and validation revenue, accounting for 98% of total revenue for the quarter ended May 31, according to an SEC filing.
  • The company said about 4.9 million ETH, or 85% of its holdings, has been staked through MAVAN, with Chairman Tom Lee projecting annualized staking rewards of $284 million once all ETH is staked.

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Bitmine Immersion Technologies' shift toward Ethereum staking became its dominant source of revenue during the quarter ended May 31, with staking and validation services contributing $45.7 million, or 98% of total revenue.

The company reported $46.5 million in total revenue for the quarter, up from $2.05 million a year earlier, according to a 10-Q filing with the U.S. Securities and Exchange Commission on Tuesday.

The prior-year quarter was driven primarily by machine leasing and bitcoin mining before the company expanded into institutional Ethereum (ETH) staking through its March acquisition of Australian validator operator Pier Two and the launch of its MAVAN platform.

MAVAN, short for Made in America Validator Network, provides institutional Ethereum staking infrastructure for custodians, investors, and other ecosystem participants. Chairman Tom Lee said earlier this week that annualized staking rewards are projected to reach $284 million once all of Bitmine's ETH is staked through MAVAN and its partners.

Meanwhile, staking and validation accounted for nearly all quarterly revenue. Self-mining generated $624,000, while consulting contributed $168,000. The company reported no revenue from leasing or mining equipment sales after those businesses were wound down.

Bitmine (BMNR) also reported a net loss of $82.2 million for the quarter, compared with a loss of $480,000 a year earlier. The results included a $92.1 million loss on derivative contracts and a $15.4 million unrealized loss on digital asset holdings. Those were partly offset by a $16.5 million gain from warrant liabilities and $5.3 million in interest income.

As of May 31, Bitmine held 5.42 million ETH and 203 bitcoin with a combined fair value of about $10.9 billion, according to the filing. The company also reported $340.3 million in cash and working capital of $433.1 million.

Bitmine shares closed at $16.29 on Tuesday, up 11.5%, according to The Block's BMNR price page.


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