Bitmine Immersion Technologies said ETH staking generated $45.7 million in its latest 10-Q filing, accounting for 98% of quarterly revenue and underscoring how central staking has become to the company’s Ethereum-focused business.
The disclosure came in Bitmine’s quarterly report for the three months ended May 31, 2026, filed with the U.S. Securities and Exchange Commission on July 14, 2026. For related coverage, see BitMine Secures $167M in Ethereum Acquisition.
What Bitmine disclosed in its latest 10-Q filing
Bitmine reported that staking and validation revenue reached $45.7 million for the quarter, out of $46.5 million in total revenue for the period. For related coverage, see Morgan Stanley's Spot Bitcoin ETF (MSBT) Gets Official Approval, Says Bloomberg's Eric Balchunas.
The $45.7 million staking figure
The revenue was earned through MAVAN, Bitmine’s staking operation. As of May 31, 2026, the company held 5,416,945 ETH with a fair value of $10.9 billion, and said a substantial portion of that stack was staked. Bitmine’s steady accumulation has been visible in earlier moves, including a purchase that lifted its holdings past 5.70 million ETH.
Key Points
- Bitmine reported $45.7 million in ETH staking and validation revenue for the quarter ended May 31, 2026.
- Staking made up 98% of the company’s $46.5 million in total quarterly revenue.
- The figures come from Bitmine’s 10-Q filed with the SEC on July 14, 2026.
The 98% share of revenue
Staking and validation represented 98% of quarterly revenue, leaving all other activities to contribute roughly $800,000. Over the nine months ended May 31, 2026, staking revenue totaled $56.9 million, or 95% of the $59.9 million nine-month total.
The concentration builds on figures Bitmine flagged earlier in the year, when it reported 4,712,917 staked ETH and projected annualized ETH staking rewards of $324 million at scale against current annualized staking revenues of $289 million. That scaling trajectory has echoed on-chain, where Bitmine’s staking rewards have topped $508 million by some tracking estimates.
Why the revenue mix matters for Bitmine’s business
A business almost entirely dependent on one activity
A 98% contribution means Bitmine’s top line is effectively a single-product business, with staking rewards standing in for what would be diversified operations at other firms. Any material change to staking yields, ETH prices, or the size of the staked position would flow almost directly into total revenue.
Ethereum traded at $1,879.22, up 4.68% over 24 hours in the research snapshot, providing market context for a treasury and staking business whose rewards are denominated in ETH.
Broader sentiment remained cautious even with ETH higher on the day, with the crypto Fear & Greed Index reading 25, or Extreme Fear.
The filing also flagged regulatory uncertainty around the model. Bitmine said the treatment of staking activities and rewards under U.S. federal and state securities laws, banking regulations, money transmission laws, and tax laws continues to evolve, and warned that if staking is classified as a securities activity or otherwise becomes subject to registration or licensing, MAVAN may need to change operations or curtail certain staking. The company has separately moved to shore up its capital base, including a preferred stock plan for 3 million shares.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.