Bitmine Reports Sevenfold Rise in ETH Staking Revenue, Posts $3.8 Billion Quarterly Loss

Bitmine Immersion Technologies has shifted from Bitcoin mining into an Ether treasury and institutional validation business, using its MAVAN platform, launched in March 2026, to earn recurring yield on its holdings. The model matters because staking converts a volatile balance-sheet asset into operating cash that can help cover overhead and fund BMNR share repurchases without selling ETH. The income, however, remains sensitive to Ether prices, network reward rates and validator performance.

As of Aug. 9, 2026, Bitmine had 5,067,309 ETH staked and reported a seven-day annualized yield of 2.63%, implying about $257 million in yearly staking revenue. For the quarter ended May 31, staking and validation generated $45.7 million, or roughly 98% of total revenue. Analysts said the cash stream could fill operating gaps and support buybacks. Bitmine said on Aug. 10 that it had repurchased 19.1 million shares since July 1 under its $4 billion authorization.

Bitmine Immersion Technologies, chaired by Tom Lee, has purchased ether every week since launching its ETH treasury strategy on June 30, 2025. The company is pursuing its “Alchemy of 5%” target, seeking to control 5% of Ethereum’s supply. With total crypto and cash holdings of about $11.5 billion and roughly 85% of its ETH staked for yield, the share repurchases mark a shift toward balancing treasury expansion with returns to shareholders.

On July 20, Bitmine said it added just 7,430 ETH, worth about $14 million, during the prior week, lifting its holdings to 5,777,468 ETH. It simultaneously spent about $86 million to repurchase 5.5 million shares at an average $15.62 each. A July 27 update showed purchases recovering to 9,946 ETH, taking the treasury to 5,787,414 ETH, while weekly buybacks rose to 6.1 million shares and cumulative repurchases reached 11.6 million.

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 launched its Ether treasury strategy in July 2025, raising funds through capital markets and steadily accumulating ETH to become the world’s largest publicly traded corporate holder. The model closely ties shareholder returns to Ether’s price and the company’s acquisition cost, making Bitmine an important test of whether corporate crypto treasuries can weather market cycles.

10x Research said on February 23, 2026, that ETH had fallen about 60% over six months and was trading below Bitmine’s average cost of $3,843 per token, leaving the company with a paper loss approaching $8.8 billion. Bitmine nevertheless bought another 45,749 ETH the previous week at an average price of $1,992. The research firm said current prices were testing whether the decline was a cyclical pullback or a deeper structural downturn.

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 pursuing an “Ethereum MicroStrategy” treasury strategy, using corporate assets to acquire Ether as it seeks to raise its holdings to 5% of total supply. The scale of the position tightly links the company's share price and financing capacity to Ether's supply and demand, drawing attention to its move to the New York Stock Exchange's main market.

Bitmine most recently reported holdings of 4.8 million ETH, equivalent to about 3.98% of total supply, and approximately $11.8 billion in crypto assets. It bought another 71,000 ETH in one week, its largest increase since December 2025. The company also uplisted to the NYSE, increased its share-repurchase authorization to $4 billion and staked more than 3.33 million ETH through the Mavan network, with estimated annualized returns of $196 million.

BitMine Immersion Technologies was originally a Bitcoin mining company but has shifted in recent years to accumulating Ethereum (ETH) on a large scale, seeking to build a crypto treasury through asset appreciation and staking yields. Its holdings account for about 3.66% of total ETH supply, drawing market scrutiny of both the scale of its strategy and the associated balance-sheet risk.

According to the latest information compiled as of July 19, 2026, BitMine spent another $98 million last week to buy about 51,000 ETH, lifting its total holdings to 4.42 million tokens. Despite unrealized losses of more than $8 billion on its ETH position, the company continues to add to its holdings and estimates that staking could generate about $171 million in annual revenue.