Ethereum staking contributed 98% of Bitmine's total quarterly revenue.
Bitmine holds 5.77 million ETH, with over 4.91 million ETH already staked.
Annual staking rewards could reach $284 million if current yields remain stable.
Bitmine Immersion Technologies has reached a major milestone after Ethereum staking became the company's biggest source of income. According to its latest quarterly report, Ethereum staking and validator services generated $45.7 million in revenue. That amount made up 98% of the company's total quarterly revenue of $46.5 million.
The latest figures show how quickly Bitmine has changed its business model. Instead of depending mainly on Bitcoin mining, the company now earns almost all of its revenue through Ethereum staking.
This change also reflects a larger trend across the crypto industry. More companies now see Ethereum staking as a reliable way to earn regular income without depending only on crypto price swings. As more institutions enter the market, staking has become one of the fastest-growing parts of the blockchain economy.
The latest earnings report clearly shows how much Bitmine's business has changed. Bitcoin self-mining brought in only $624,000 during the quarter, while consulting services added another $168,000. Compared to the $45.7 million earned from Ethereum staking, these businesses now contribute very little.
The company's growth has also been remarkable compared with last year. During the same quarter in the previous year, Bitmine reported total revenue of just $2.05 million, with most of it coming from mining equipment leasing and other mining-related activities. One year later, quarterly revenue has grown more than 22 times, largely led by Ethereum staking.
A major reason behind this rapid growth is the launch of MAVAN (Made in America Validator Network), Bitmine's institutional Ethereum staking platform. The company introduced the platform in March 2026 to provide professional validator services for large investors and organizations.
Bitmine also strengthened its staking business after it acquired Australian staking infrastructure company Pier Two Holdings. The acquisition added experienced validator technology and enterprise-level infrastructure. During the latest quarter, Pier Two contributed about $3.53 million in staking revenue.
Today, MAVAN supports both Bitmine's own Ethereum holdings and the digital assets of institutional clients that need secure and professional staking services.
Bitmine has built one of the largest Ethereum treasuries in the world. As of July 12, 2026, the company held 5.77 million ETH. Out of that total, 4,917,189 ETH was already locked in staking, which means about 85% of its Ethereum holdings actively earned staking rewards.
Those holdings also represent about 4.8% of Ethereum's total circulating supply, which gives Bitmine a significant position within the Ethereum ecosystem.
Company Chairman Tom Lee said that once the entire Ethereum treasury enters the MAVAN platform and partner validators, projected annual staking rewards could reach about $284 million. That estimate is based on a recent annual staking yield of approximately 2.70%. Actual returns may change over time as staking yields, Ethereum prices, and network conditions do not stay the same.
Also Read - ETH Price Outlook: Will Ethereum Clear the Key $1,800 Resistance Level?
Bitmine's success reflects a broader shift across the digital asset market. Many institutional investors now prefer Ethereum staking as it provides a steady income while allowing them to keep ownership of their ETH.
Unlike traditional Bitcoin mining, Ethereum staking does not require large amounts of electricity or expensive mining machines. Validators help secure the Ethereum network and receive rewards in return. This model has become attractive for companies that want predictable income from digital assets.
Ethereum also became much more energy efficient after its move to the Proof-of-Stake system in 2022. The network reduced its energy use by about 99.98%, which made Ethereum far more environmentally friendly than before. That improvement encouraged many large investors to view Ethereum as a stronger long-term asset.
Although revenue reached a record level, Bitmine did not report a profit during the quarter. The company recorded a net loss of $83.6 million. Most of that loss came from derivative-related expenses, operating costs, and accounting adjustments connected to its rapidly expanding crypto treasury.
The company also acknowledged several factors that could affect future earnings. Changes in Ethereum staking rewards, validator performance, network upgrades, government regulations, and cryptocurrency market volatility could all influence future financial results.
Even with these challenges, staking now provides a much more stable source of revenue than traditional cryptocurrency mining.
The importance of Ethereum staking has been increasing among all sectors of the blockchain industry. According to recent research, there are now more than 920,000 active validators on the Ethereum network, indicating the great interest among private individuals and organizations in general.
Moreover, the Ethereum network has implemented the Pectra update that allows validators to reinvest their staking rewards directly into their validator account. This innovation enhances the operation process and helps operators manage their resources much better.
From the perspective of tokenization, decentralized finance, and blockchain infrastructure developments, the popularity of Ethereum staking services is likely to grow.
Also Read - Ethereum Outpaces Bitcoin as Institutional Inflows Hit $70.5 Million
Why this MattersBitmine's transformation shows how Ethereum staking is becoming a major revenue source for crypto companies. The shift highlights growing institutional adoption, more predictable blockchain income, and the industry's move away from relying primarily on traditional cryptocurrency mining.
Bitmine's latest quarterly results show how Ethereum staking has become the foundation of its business. With 98% of total quarterly revenue coming from staking operations, 5.77 million ETH under management, and nearly 4.92 million ETH already staked, the company has become one of the largest institutional participants in Ethereum's Proof-of-Stake ecosystem.
If current plans move forward, annual staking rewards could reach $284 million, provided staking yields remain close to recent levels. Although market risks still exist, Bitmine's transformation shows how blockchain companies have begun to move away from traditional mining and toward staking as a long-term source of recurring revenue.
1. How much revenue did Bitmine earn from Ethereum staking
Bitmine generated $45.7 million in revenue from Ethereum staking during the latest quarter, making it the company's largest business segment and contributing nearly all of its total quarterly revenue.
2. What percentage of Bitmine's revenue came from staking?
Ethereum staking contributed 98% of Bitmine's total quarterly revenue, demonstrating how the company has shifted its primary business from Bitcoin mining to institutional staking services.
3. How much Ethereum does Bitmine own?
As of July 12, 2026, Bitmine held 5.77 million ETH, with 4,917,189 ETH actively staked to generate validator rewards and support the Ethereum network.
4. Why is Ethereum staking becoming more popular?
Ethereum staking offers recurring rewards, consumes far less energy than mining, allows investors to retain ownership of their assets, and continues attracting institutional participation across the blockchain industry.
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