Finst

BitMine's Revenue Jumps 22x on Ethereum Staking

Almost all of the revenue came from staking and validation, while the SEC filing also shows a heavy non-cash write-down on its huge ETH holdings.

By Zenz van der Wielen
• 2 min read
BitMine's Revenue Jumps 22x on Ethereum Staking

Key Takeaways

  • BitMine posted $46.5 million in revenue for the quarter ended May 31, more than 22 times higher than a year earlier.
  • Nearly 98% of revenue came from staking and validation; a year earlier, that line item was still zero.
  • The company reported a $9.1 billion net loss over nine months, mostly because of a non-cash write-down on its Ethereum position.

BitMine Immersion Technologies brought in $46.5 million (€40.8 million) in revenue for the quarter ended May 31, which is more than 22 times the amount it generated in the same period a year ago. But that growth was dwarfed in the latest filing by a $9.1 billion (€8 billion) net loss over nine months, largely tied to a non-cash write-down on the company’s Ethereum position.

Staking Becomes the Engine

The filing makes clear how fast BitMine has moved from a business with little crypto revenue to one that now depends heavily on staking. Of the total, $45.7 million (€40.1 million), or about 98%, came from staking and validation. A year earlier, that figure was zero. The remaining revenue came from small self-mining and consulting activities, which together contributed less than $800,000 (€701,400).

That jump is linked to BitMine’s growing Ethereum stack and the launch of its MAVAN validator platform, which went live in early 2026. The company said it has staked 4.9 million ETH, or about 85% of its holdings. Tom Lee said annualized staking revenue is now estimated at $242 million (€212 million), and that the company’s own staking operations posted a 7-day yield of 2.70% on an annualized basis.

Largest Corporate ETH Treasury

Latest data shows BitMine holds 5.77 million ETH, worth about $10.5 billion (€9.2 billion). That represents roughly 4.8% of the total supply and makes the company the largest corporate ETH treasury. It also helps explain why BitMine’s results are so exposed to swings in Ethereum’s price.

The company is trying to turn that exposure into a recurring income stream through staking. That is relevant beyond BitMine itself. A recent study found that staking made up 60% of reported revenue at publicly traded ETH treasury companies in 2025. For European crypto readers, that is a useful sign of how quickly Ethereum treasury strategies are becoming more mature and more structured.

The Loss Is Mostly Accounting-Driven

The $9.1 billion (€8 billion) loss sounds dramatic, but most of it is not tied to day-to-day operations. BitMine said $9.04 billion (€7.9 billion) of that came from an unrealized write-down on digital assets in the SEC filing. For the quarter ended May 31, the company reported a net loss of $83.6 million (€73.3 million) and an operating loss of $11.9 million (€10.4 million).

The company also booked a $92 million (€80.7 million) loss on derivatives contracts. Taken together, BitMine remains a split story: staking revenue is scaling quickly, but the bottom line is still highly sensitive to Ethereum’s price moves.

Disclaimer: This content is for informational purposes only and does not constitute financial, investment, legal, or tax advice. The information provided may be incomplete, inaccurate, or outdated and should not be relied upon as such. Nothing on this website should be considered a recommendation to buy, sell, or hold any cryptocurrency. Investing in crypto-assets involves risk of loss.