Staking Becomes Main Revenue Driver

BitMine Immersion Technologies saw its revenue increase sharply in the most recent quarter. Ethereum staking and validation produced $45.7 million, making up nearly all of the company's income for the period. This marks a clear change from earlier operations focused on Bitcoin mining and equipment leasing.

A year earlier, total quarterly revenue stood at $2.05 million. In the latest results, Bitcoin self-mining contributed $624,000 and consulting services added $168,000. Machine leasing and equipment sales generated no revenue after the company ended those activities.

MAVAN Platform and Infrastructure Growth

The company started native Ethereum staking in November 2025. In March 2026, it launched the Made in America Validator Network (MAVAN),an institutional platform for validator and staking services. This followed the acquisition of Australian provider Pier Two, which added $3.53 million to quarterly staking revenue.

MAVAN now supports BitMine's own holdings and serves external institutional clients and custodians. Staking and validation operations produced $56.9 million over the nine months ended May 31, accounting for 95% of revenue in that timeframe.

Ethereum Holdings and Staking Scale

BitMine holds approximately 5.77 million ETH as of mid-July. It has staked around 4.9 million ETH, equal to 85% of its treasury. This positions the company as a major participant in Ethereum validation.

Chairman Tom Lee has outlined a strategy targeting ownership of 5% of Ethereum's total supply. Recent purchases, including a $50 million addition of 27,801 ETH, support ongoing accumulation efforts.

Financial Results and Operational Shifts

Despite the revenue growth, BitMine reported a quarterly net loss of $83.6 million. Factors included derivative losses and other expenses. Over nine months, results showed larger impacts from unrealized adjustments on digital asset holdings.

The company noted risks tied to staking revenue concentration, including potential changes in yields, network conditions, Ethereum protocol updates, or regulatory matters. Operating expenses rose due to treasury management, custody costs, and staff related to the new activities.

Additional Developments

BitMine has engaged in other Ethereum-related initiatives. These include participation in projects like Robinhood Chain, which uses ETH as its gas token and has seen significant trading volumes since launch. The company also supported EthSystems, an institutional technology effort involving Ethereum co-founder Joe Lubin.

These steps align with broader moves to build on Ethereum infrastructure while maintaining its large treasury position.