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BitMine reports $45.7M in Ethereum staking revenue, 98% of total quarterly revenue, with staking becoming the company's main source of income, driven by its
BitMine Immersion Technologies generated $45.7 million from Ethereum staking and validation during the three months ended May 31, making staking its main source of revenue, accounting for 98% of the company's $46.5 million in total quarterly revenue [1]. This significant increase in revenue is a result of the company's shift towards Ethereum staking, with BitMine now staking 4.9 million ETH, equal to roughly 85% of its Ethereum treasury holdings.
| At a glance | |
|---|---|
| Ethereum staking revenue | $45.7 million |
| Total quarterly revenue | $46.5 million |
| ETH staked | 4.9 million |
| Percentage of treasury holdings staked | 85% |
The company's revenue from Ethereum staking has increased significantly, driven by its expansion into Ethereum staking and validation, with the launch of the Made in America Validator Network (MAVAN) in March [1]. BitMine's chairman, Tom Lee, projects that the company could generate about $284 million in annualized ETH staking rewards once its entire Ethereum balance is staked through MAVAN and partner platforms [1]. The company's market capitalization is around $9.59 billion, with its stock price rising over 6% following the announcement [2].
The Ethereum staking market is becoming increasingly competitive, with other companies also expanding their staking operations. However, BitMine's significant holdings of ETH, with 5.77 million tokens, make it a major player in the market [2]. The company's acquisition of Australian staking infrastructure provider Pier Two in March has also contributed to its growth in Ethereum staking revenue [1]. The recent downturn in the cryptocurrency market, with ETH prices down over 43% year-to-date, has prompted some investors to reassess their investment outlook [2].
The significant increase in BitMine's revenue from Ethereum staking highlights the company's successful shift towards this new source of income. However, the company's dependence on Ethereum staking revenue also poses a risk, with the potential for lower staking yields, validator disruption, or regulatory developments to impact its revenue [1]. As the company continues to expand its Ethereum staking operations, it will be important to monitor its progress and the potential impact of market developments on its revenue.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Jul 15, 2026 · How we report
BitMine reported $46‑$46.5 million in revenue from Ethereum staking for the quarter ending May 31, 2026.
BitMine holds approximately 5.77 million ETH, which is about 4.8% of the total ETH supply and roughly 11% of all staked ETH.
Ethereum's Layer‑1 fees have fallen to a historic low of roughly $0.09‑$0.10 per transaction.
Network staking yields are averaging between 2.7% and 2.8%.
Lubin argues that low fees, combined with higher activity, staking, and ETH burning, support broader adoption and strengthen Ethereum's long‑term value.