Bitmine Immersion Technologies turned in one of the more eye-catching quarterly reports in the crypto space this earnings season. Revenue hit $46.5 million for the three months ended May 31 — up from roughly $2 million a year ago. That’s a 22x jump, and it came almost entirely from one source: Ethereum staking.
Bitmine Immersion Technologies, Inc., BMNR
Staking and validation revenue came in at $45.7 million, accounting for 98% of total revenue. A year earlier, that line was effectively zero. Bitcoin self-mining added $624,000 and consulting brought in $168,000 — rounding errors by comparison.
The company staked 4.9 million ETH through its MAVAN platform, representing 85% of its total holdings. As of July 12, Bitmine holds 5.77 million ETH — worth approximately $10.5 billion — equal to 4.8% of total ETH supply.
Tom Lee, chairman of Bitmine, said the company has staked more ETH than any other entity in the world. He projected annualized staking revenue near $284 million once holdings are fully staked. A separate company figure put the annualized projection at $242 million, based on a 7-day yield of 2.70%.
The headline that will catch eyes is the $9.1 billion nine-month net loss. But context matters here. Nearly all of it — $9.04 billion — came from a non-cash markdown on digital asset holdings as ETH prices fell during the period.
In the three months ended May 31 alone, the net loss narrowed sharply to $83.6 million. The period’s operating loss was $11.9 million, with an additional $92 million hit from losses on derivative contracts.
This is the core tension in Bitmine’s model: reported earnings will swing with ETH prices, while the staking business generates a steadier revenue stream underneath.
MAVAN — short for “Made in America VAlidator Network” — launched in March after Bitmine acquired Australia-based validator operator Pier Two Holdings. It started as internal infrastructure for Bitmine’s own ETH, then expanded to serve institutional investors, custodians, and ecosystem partners.
Tom Lee also flagged the launch of Robinhood Chain on July 1, noting it surpassed $1 billion in trading volume in its first weeks and now holds more trading volume than any other decentralized exchange. ETH is the native gas token for Robinhood Chain, meaning Robinhood’s 27 million users are paying transaction fees in ETH.
Across the broader sector, one study found staking accounted for 60% of disclosed revenue for listed ETH treasury firms in 2025.
Bitmine’s seven-day annualized staking yield stood at 2.70% as of the most recent data, with 15% of its ETH holdings still unstaked.
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