- Ethereum staking generated $45.7 million, accounting for 98% of BitMine’s quarterly revenue.
- BitMine expanded its Ethereum treasury, with about 85% of its 5.77 million ETH already staked.
- Despite strong revenue growth, the company reported an $83.6 million quarterly net loss.
BitMine Immersion Technologies reported a shift in its business after Ethereum staking generated nearly all quarterly revenue, according to its latest SEC filing. For the quarter ended May 31, the company recorded $46.5 million in revenue, with $45.7 million coming from staking and validation as its Ethereum treasury continued expanding.
Ethereum Staking Becomes Main Business
According to BitMine’s latest Form 10-Q, Ethereum staking and validation accounted for 98% of quarterly revenue. The company generated $45.7 million from staking during the three months ended May 31. The results marked a significant change from the same quarter last year.
At that time, BitMine reported $2.05 million in revenue, led by machine leasing and Bitcoin self-mining. The company entered native Ethereum staking in November 2025. Later, it launched the Made in America Validator Network, known as MAVAN, in March 2026.
BitMine also acquired Australian staking infrastructure provider Pier Two during March. The acquired business contributed $3.53 million in quarterly staking revenue and now operates under the MAVAN brand.
Ethereum Treasury Continues Growing
BitMine continued increasing its Ethereum holdings after the reporting period. As of July 12, the company held 5.77 million ETH. Notably, 4,917,189 ETH had already been staked through MAVAN and external staking partners.
That represented about 85% of the company’s total Ethereum treasury. Chairman Tom Lee said BitMine aims to own 5% of Ethereum’s total supply. He refers to the strategy as the “Alchemy of 5%.”
Lee also estimated annualized staking rewards could reach approximately $284 million. The projection assumes all company-held ETH becomes staked using MAVAN and partner platforms.
Filing Highlights Risks And Financial Results
However, BitMine said future staking revenue depends on several factors. These include validator performance, Ethereum staking yields, protocol changes and potential regulatory developments.
The filing also showed older business lines contributed little revenue. Bitcoin self-mining generated $624,000, while consulting produced $168,000. Machine leasing and mining equipment sales generated no revenue after those operations ended.
Despite higher revenue, BitMine reported an $83.6 million quarterly net loss. According to the filing, derivative losses and other expenses weighed on overall financial results.
