BitMine Reports $45.7 Million in Revenue from Ethereum Staking

BitMine Achieves Significant Staking Revenue

BitMine Immersion Technologies has generated $45.7 million from Ethereum staking and validation for the quarter ending May 31, 2026. This amount makes up 98% of the company’s total quarterly revenue, which reached $46.5 million according to their latest 10-Q filing with the SEC.

Transition to Ethereum Staking

The stark increase in revenue underscores BitMine’s strategic shift towards Ethereum. A year prior, the company’s total quarterly revenue was only $2.05 million. During the recent quarter, revenue from machine leasing and Bitcoin self-mining contributed $1.08 million and $813,000, respectively.

Expansion of Staking Operations

BitMine began its native Ethereum staking in November 2025 and launched the Made in America Validator Network (MAVAN) in March 2026. This platform is designed to cater not just to BitMine’s treasury but also to custodians and institutional clients. Additionally, the acquisition of Australian staking provider Pier Two has allowed the company to bolster its offerings and contributed $3.53 million to the staking revenue.

Current and Future Staking Initiatives

As of July 12, BitMine held 5.77 million ETH, with around 4.9 million ETH staked, representing about 85% of its total holdings. BitMine has plans to achieve ownership of 5% of Ethereum’s total supply, an initiative Chairman Tom Lee refers to as the “Alchemy of 5%.”

Projected Earnings and Risks

In projections shared by Lee, once fully staked, BitMine could potentially generate approximately $284 million annually from Ethereum staking, based on a recent annualized yield of 2.70%. However, the actual revenue will depend on numerous factors, including changes in staking yields, Ethereum prices, and regulatory developments. Notably, the company’s SEC filing pointed out the increasing risk associated with its heavy reliance on staking revenue from MAVAN operations.

Shift from Traditional Mining

The latest results also indicate a decline in BitMine’s previous business activities, as Bitcoin self-mining produced merely $624,000, and consulting services generated $168,000. The closure of machine leasing and mining equipment sales resulted in a lack of revenue from those segments. Despite the increased revenue from staking, BitMine still reported a net loss of $83.6 million for the quarter, due partly to derivative losses and other expenses.

Conclusion

BitMine’s transition towards Ethereum staking signifies a pivotal change in its business model, reflecting both opportunities and risks in the rapidly evolving crypto landscape. With significant ETH staked, the company’s future earnings are closely tied to the performance of its staking platform and the overall health of the Ethereum ecosystem.