BitMine earned $45.7 million from Ethereum staking and validator services during the quarter ended May 31, according to a recent SEC filing. The segment alone produced 98% of total quarterly revenue. Overall company revenue reached $46.5 million for the period.
The latest results marked a major change from the same quarter a year earlier for BitMine. The company reported total revenue of only $2.05 million during that earlier period. Machine leasing generated $1.08 million, while Bitcoin self-mining added $813,000 in revenue.
Also Read: Morgan Stanley Ethereum and Solana ETFs Move Closer to Launch After SEC Filing Updates
How Ethereum Staking Drives BitMine Revenue
Ethereum staking has now become the company’s primary source of quarterly revenue. Bitcoin self-mining produced just $624,000 in the latest quarter, according to the filing. Consulting services contributed another $168,000, leaving both activities far behind validator income for BitMine.
BitMine began native staking operations in late 2025 as its Ethereum treasury continued growing. The company advanced that strategy in March 2026 through the launch of the Made in America Validator Network. The platform is commonly known internally as MAVAN.
MAVAN was first created to support BitMine’s own large corporate Ethereum treasury. It later expanded into an institutional platform for custodians and business partners. BitMine also acquired Australian staking provider Pier Two this year to strengthen its validator infrastructure.
BitMine has owned 5.77 million ETH after its latest acquisition of $49 million in ETH. About 4.9 million ETH was staked through MAVAN and its staking partners. This accounted for about 85% of the entire holding of the company in Ethereum.
What Drives BitMine’s Ethereum Staking Revenue
The Ethereum staking enables the company to earn network rewards while remaining exposed to any changes in the prices of ETH. The method has been vital in the current quarterly financial performance. Bitcoin mining and consultancy services remain the small income sources for the quarter.
During the first nine months of the fiscal year 2026, staking and validation generated an income of $56.9 million. The income constituted 95% of the total revenues. The company’s data indicate that staking of Ethereum remained the largest source of income in those months.
The estimate by Tom Lee indicated that the income would rise up to $284 million once the whole treasury of BitMine has been staked. It involved an annualized yield of 2.70%. The estimate should not be treated as the actual forecast for future revenues of BitMine or its shareholders.
The returns from future staking of Ethereum would depend on the level of network activity, performance of validators, yields, regulatory environment, and ETH prices.
BitMine has joined the Russell 1000 index recently. According to the data, 33 hedge funds were holding positions in the first quarter, up from 28 previously.
Also Read: Kalshi Rule Dispute Grows After CFTC Rejects Michigan Trading Ban
