BitMine Immersion Technologies reported a 22-fold revenue jump to $46.5 million in the quarter ending May 31, 2026, even as a $9.1 billion nine-month net loss dominated its latest SEC filing. The loss stems almost entirely from a non-cash markdown on the company's Ethereum (ETH) holdings, while its staking business scaled from near zero to become the dominant revenue driver.
Staking Drives Revenue
Revenue from staking and validation reached $45.7 million, accounting for about 98% of BitMine's total revenue, according to its 10-Q filing. A year earlier, that line was zero. The remainder came from small self-mining and consulting lines, together under $800,000.
BitMine has staked 4.9 million ETH — roughly 85% of its holdings — through its MAVAN validator platform. The company projects annualized staking revenue near $242 million. Tom Lee noted that BitMine's own staking operations generated a 7-day yield of 2.70% (annualized).
That income rests on a large ETH position. As of July 12, BitMine holds 5.77 million ETH, worth roughly $10.5 billion and equal to 4.8% of the total supply. The stake makes it the largest corporate ETH treasury. The trend extends beyond BitMine: one recent study found that staking accounted for 60% of disclosed revenue across listed ETH treasury firms in 2025.
A $9 Billion Loss That Misses the Numbers
The headline loss looks alarming, but the timing matters. BitMine's $9.1 billion nine-month net loss came almost entirely from a $9.04 billion unrealized markdown on its digital assets, according to its SEC filing. That damage landed as the value of its ETH holdings fell. In the three months ended May 31, the net loss narrowed to $83.6 million.
The period's operating loss was $11.9 million. The bigger hit came from a $92 million loss on derivative contracts. The split screen defines BitMine's model: its reported earnings will swing with ETH's price, while its staking operation generates a growing revenue stream. The coming months will test whether staking income can offset that volatility.