Key highlights:
- BitMine saw $45 million in revenue from Ethereum staking
- This was 98% of the company’s total revenue
- Chairman Tom Lee projected that annual staking rewards could reach $284 million
Tom Lee’s BitMine reported that it brought in $45.7 million from Ethereum staking and validation during the quarter that ended on May 31, according to a new SEC filing. That figure is 98% of the total revenue of $46.5 million that it raised in Q2.
BitMine’s Ethereum business model blooms
The income results show just how quickly BitMine has changed its revenue mix since it shifted from mining crypto to becoming an Ethereum treasury company. This time last year, the company generated only $2.05 million in quarterly revenue. At that time, machine leasing brought in $1.08 million, while Bitcoin self-mining added $813,000.
Today, Ethereum staking has become its major source of income. The company saw only $624,000 from Bitcoin self-mining and $168,000 from consulting services last quarter. When this is compared to its staking model, the difference is evident.
This started in late 2025 when BitMine launched native Ethereum staking operations. The company zeroed in on this strategy in March 2026 with the launch of MAVAN, short for Made in America Validator Network.
MAVAN was first designed to support the company’s own Ethereum holdings. However, it has since expanded into an institutional staking platform that serves custodians and partners. The company also boosted its infrastructure through the acquisition of Australian staking provider Pier Two this year.
4.9 million ETH now staked
As of July 12, BitMine held 5.77 million ETH. This comes after its latest Ethereum purchase of $49 million. Out of that, 4.9 million ETH have been staked through MAVAN and its staking partners. That means about 85% of the company’s Ethereum holdings are generating staking rewards.
Staking allows the company to earn rewards while still benefiting from any potential upward movement in the ETH price.
According to company data, staking and validation generated $56.9 million during the first nine months of fiscal 2026, accounting for 95% of total revenue during that period.
Source: SEC
Annual staking rewards could reach $284 million
Tom Lee said that annualized staking rewards could reach $284 million once the company’s entire Ethereum treasury is staked. The estimate is based on the annualized staking yield of 2.70%.
However, investors should still note that the figure is a projection and not guaranteed revenue. Future staking rewards will depend on Ethereum network activity, validator performance, staking yields, regulatory developments, and ETH prices.
The company also attested to these risks in its SEC filing, noting that a large portion of its revenue is linked to its staking operations.
Meanwhile, its stock had a good run in the market on Tuesday. BMNR climbed 11.5% to close at $16.29 after the company said that its Ethereum treasury had expanded to $10.5 billion. It is also up by 1% in premarket trading.
The company also recently joined the Russell 1000 Index, which could increase its visibility with institutional investors. Meanwhile, hedge fund interest continues to rise. Data showed that 33 hedge funds held positions in the company during the first quarter, up from 28 funds in the previous quarter.
Source:: Bitmine Made $45.7M Last Quarter From ETH Staking, Accounting for 98% of Total Revenue