Bitmine’s ETH Staking Revenue Hits $45.7M, Making Up Nearly All Q2 Earnings

Bitmine Immersion Technologies, the largest public holder of ether, reported $46.5 million in revenue for the three months ending May 31, 2026, a 22-fold jump from the same period last year, driven almost entirely by Ethereum staking.

Staking Becomes Dominant Revenue Source

Ethereum staking generated $45.7 million, accounting for 98% of total revenue, a income stream that didn’t exist a year earlier. The rest came from bitcoin mining and consulting work. As of July 13, Bitmine had staked 4.9 million ETH, roughly 85% of its 5.77 million ETH holdings, representing about 4.8% of Ethereum’s total supply.

Staking Platform Delivers Steady Yield

The company’s MAVAN staking platform, launched in March 2026, is generating an annual yield of about 2.70%, putting annualized staking income at an estimated $242 million. Despite the revenue growth, Bitmine posted a $9.1 billion net loss over nine months, almost entirely due to non-cash markdowns on its ETH holdings from price declines. The three month net loss narrowed to $83.6 million, including $11.9 million in operating losses and $92 million in derivative losses.

Tom Lee Sees Ether Reaching $5 Trillion Market Cap

Bitmine Chairman and Fundstrat co-founder Tom Lee said he believes ether remains significantly undervalued, pointing to its central role in decentralized finance and applications. Speaking on a podcast, Lee cited Citi’s forecast that the tokenized real-world asset market could grow from $17 billion to $5.5 trillion by 2030, predicting much of that growth will happen on Ethereum.