BitMine Immersion Technologies generated $45.7 million from Ethereum staking and validation in the three months ended May 31, accounting for 98% of its total quarterly revenue of $46.5 million. The figure marks a 22-fold increase from $2.05 million in the same period a year earlier, when the company still relied on Bitcoin self-mining and machine leasing.
Staking becomes dominant revenue driver
BitMine began native Ethereum staking in November 2025 and launched the Made in America Validator Network (MAVAN) in March 2026 to offer validator and staking infrastructure to institutional clients. The company also acquired Australian staking provider Pier Two in March, which contributed $3.53 million of quarterly staking revenue and now operates under the MAVAN brand.
For the nine months ended May 31, staking and validation generated $56.9 million, or 95% of total revenue. Meanwhile, older business lines have shrunk: Bitcoin self-mining brought in only $624,000, consulting added $168,000, and machine leasing and equipment sales produced no revenue after the company ended those operations.
4.9 million ETH staked as treasury expands
As of July 12, BitMine held 5.77 million ETH and had 4,917,189 tokens staked through its own operations and partners, representing about 85% of its total holdings. The company's long-term strategy aims to own 5% of Ethereum's total supply, a goal Chairman Tom Lee calls the "Alchemy of 5%."
Lee projects that once BitMine fully stakes its entire Ethereum balance via MAVAN and partner platforms, annualized rewards could reach roughly $284 million, based on a recent seven-day yield of 2.70%. He emphasized the figure is a projection and subject to changes in staking yields, ETH prices, and validator conditions.
Financial risks remain despite revenue surge
Despite the revenue jump, BitMine reported a quarterly net loss of $83.6 million, partly due to derivative losses and other expenses. The company's SEC filing noted that staking and validation revenue is highly concentrated in MAVAN-related operations, making future income vulnerable to lower staking yields, validator disruption, Ethereum protocol changes, or regulatory developments.
BitMine's shift from its Bitcoin mining roots has been swift. The company now relies almost entirely on Ethereum staking, and its financial performance remains closely tied to the price of ETH and the economics of staking. With about 4.9 million ETH already staked, future earnings will depend on MAVAN's ability to maintain validator performance and attract institutional clients.