BitMine's revenue leans on Ethereum staking and a long Tower deal

BitMine's latest filing shows how tightly its business is tied to Ethereum staking, and how hard it could be to change course. In the three months ended May 31, 2026, the company reported $46.535 million in revenue, with $45.743 million, or 98.3%, coming from staking and validation.

That revenue is largely produced by MAVAN, BitMine's Ethereum validator network. At quarter-end, BitMine held 5,416,945 ETH valued at $10.856 billion. In an update published June 1, the company said 4,718,677 ETH was staked out of 5,416,901 ETH held, about 87%. Its stated goal of acquiring 5% of Ethereum's supply remains a target, not a current result.

The filing also points to an operating dependency that could matter if performance or strategy changes. Ethereum Tower manages delegated strategic planning and day-to-day work for native staking, validator infrastructure, and technology systems under a management agreement that began on March 24. The deal has a 10-year initial term.

If BitMine ends that agreement early without specific cause, Tower can either keep receiving revenue participation for the rest of the term or take a lump-sum payment based on 85% of its highest monthly fee multiplied by the remaining months. The exact payout cannot be calculated from public filings because part of the fee schedule is redacted.