Bitmine Staking Income Hits $257 Million, Supports Buybacks

BitMine Immersion Technologies has adopted an Ethereum treasury strategy modeled on Strategy’s long-running Bitcoin playbook, targeting ownership of 5% of Ether’s total supply. The bet matters because it concentrates a sizable share of the second-largest cryptocurrency in a listed company while pairing potential token appreciation with staking income. BitMine launched its Made in America Validator Network, or MAVAN, in March 2026 to support institutional staking and turn its ETH holdings into a recurring revenue stream.

BitMine said on July 27, 2026, that it held 5.79 million ETH, equal to 4.8% of circulating supply and worth about $11.3 billion. Its overall treasury totaled $11.8 billion, including cash, securities and strategic investments. The company has staked 4.9 million ETH and projects about $299 million in annualized rewards once all holdings are staked. It also repurchased 6.1 million shares last week, lifting buybacks since July 1 to 11.6 million shares under its authorized $4 billion program.

Former Bitcoin miner Bitmine launched the institutional-grade MAVAN Ether staking platform in response to Ethereum’s shift to proof of stake, beginning its transition from conventional mining to staking-based validation. The service allows institutions to lock up assets, help secure the network and earn returns. The development is significant because it shows that blockchain infrastructure companies can successfully reshape their business models and generate substantial profits through new validation services.

Bitmine generated $45.7 million in Ether staking and validation revenue in the second quarter of 2026, accounting for 98% of its total revenue, according to its latest financial results. The company has also staked 85% of its Ether holdings. The figures show that its shift from Bitcoin mining to Ether staking has delivered significant results, with staking formally replacing mining as its largest source of revenue for the quarter.

BitMine has made Ethereum (ETH) its primary treasury asset, using continued purchases and staking to build the world’s largest Ethereum treasury. Its long-term goal is to hold close to 5% of ETH’s circulating supply. Chief Executive Tom Lee believes the Ethereum network’s applications and yield-generating capacity remain supportive, and that short-term price volatility does not alter the company’s strategy.

In the week through July 19, 2026, BitMine deployed about $92 million during a market decline to buy an additional 127,000 ETH, raising its total holdings to 5.54 million ETH. About 4.72 million ETH had been staked to earn an annualized yield. Lee described the recent selling pressure as a “surface phenomenon” unrelated to fundamentals.

BitMine is the world’s largest corporate Ethereum treasury holder and has made accumulating and staking ETH central to its asset strategy. The company aims to hold 5% of Ethereum’s total supply and is now closing in on that threshold, making its moves consequential for market liquidity, corporate crypto allocations and the Ethereum staking ecosystem.

In the latest week, BitMine bought another 76,000 ETH, lifting its holdings to 5.62 million ETH, or about 4.66% of total supply. Its treasury value at one point approached or exceeded $10 billion. The company also raised $270 million through a preferred-stock offering during the same period and staked more than 83% of its holdings. Subsequent reports showed its position had risen further to about 5.7 million ETH, worth approximately $8.9 billion.

BitMine Immersion Technologies, a publicly traded U.S. crypto treasury company, has continued adding Ether to its corporate assets. Its holdings are closing in on a target of 5% of Ethereum’s circulating supply, potentially giving a single company control over a substantial share of the token supply while allowing it to generate cash flow through staking. The strategy has drawn market attention.

According to its latest announcement, BitMine spent $237 million to buy about 110,000 ETH last week, lifting its total holdings to 5.39 million ETH, or about 4.4% of circulating supply. The company has staked about 4.7 million ETH through its MAVAN network, which it estimates could generate more than $276 million in annual cash flow. A more recent report said its holdings had surpassed 5.54 million ETH as it advances toward its 5% target by year-end.

Bitmine Immersion Technologies (BMNR) is pursuing its “Alchemy of 5%” strategy, which aims to hold 5% of the world’s ETH supply and earn returns through proof-of-stake staking. The concentration of such a large share of supply in one publicly traded company reflects its long-term bullish view on Ethereum and could also affect market liquidity and corporate crypto-asset allocation trends.

On April 23, 2026, Bitmine staked 75,600 ETH worth about $176 million after receiving 100,000 ETH valued at roughly $234 million. That brought its cumulative staked holdings to 3.471 million ETH, or 70% of its 4.976 million ETH portfolio. By May 25, the company had added another 111,942 ETH in one week, lifting total holdings to 5,390,404 ETH, or about 4.47% of supply, while raising its staking ratio to 87%.

Bitmine Immersion Technologies is shifting fully from bitcoin mining to Ethereum treasury management and staking. It currently holds more than 4.87 million ETH, with its strategy centered on token appreciation and staking yields. Similar to MicroStrategy’s approach, the heavy concentration in a single asset leaves its financial performance directly exposed to swings in ETH prices.

Bitmine’s latest 10-Q showed that ETH staking revenue rose sevenfold from the previous period in the first quarter of 2026. However, falling ETH prices generated a $3.78 billion unrealized loss, contributing to a quarterly net loss of about $3.8 billion. The filing also disclosed an average acquisition price of about $3,794 per ETH, underscoring the concentrated exposure created by its continued buying strategy.