Bitmine Immersion Technologies has reached a major milestone as Ethereum staking became the company’s largest source of income. According to its latest quarterly report, Ethereum staking and validator services generated $45.7 million in revenue, making up 98% of the total quarterly revenue of $46.5 million.
Shift from Bitcoin Mining to Staking
The latest figures show how quickly Bitmine has transformed its business model. Instead of relying mainly on Bitcoin mining, the company now earns almost all of its revenue through Ethereum staking. This change reflects a broader trend across the crypto industry, where more companies view Ethereum staking as a reliable way to earn regular income without depending solely on crypto price swings.
Legacy Businesses Now Play a Very Small Role
Bitcoin self-mining brought in only $624,000 during the quarter, while consulting services added another $168,000. Compared to the $45.7 million from Ethereum staking, these businesses now contribute very little. Revenue grew more than 22 times year-over-year, from $2.05 million in the same quarter last year.
MAVAN Platform Drives Revenue Growth
The launch of the MAVAN (Made in America Validator Network) platform in March 2026, along with the acquisition of Australian staking infrastructure company Pier Two Holdings, fueled the rapid growth. Pier Two contributed about $3.53 million in staking revenue. MAVAN supports both Bitmine’s own Ethereum holdings and institutional clients’ digital assets.
Millions of ETH Now Generate Rewards
As of July 12, 2026, Bitmine held 5.77 million ETH, with 4,917,189 ETH (about 85%) actively staked. These holdings represent about 4.8% of Ethereum’s total circulating supply. Company Chairman Tom Lee said that once the entire Ethereum treasury enters the MAVAN platform, projected annual staking rewards could reach approximately $284 million, based on a recent annual staking yield of roughly 2.70%.
Ethereum Attracts More Institutional Investors
Bitmine’s success highlights a broader institutional shift. Ethereum staking provides a steady income while allowing investors to retain ownership of their ETH. Unlike Bitcoin mining, staking does not require large amounts of electricity or expensive hardware. Ethereum’s transition to Proof-of-Stake in 2022 reduced energy consumption by about 99.98%, making it more attractive to environmentally conscious investors.
Profit Challenges Persist
Despite record revenue, Bitmine reported a net loss of $83.6 million, largely due to derivative-related expenses, operating costs, and accounting adjustments tied to its expanding crypto treasury. The company also cited risks such as changes in staking rewards, validator performance, network upgrades, regulations, and market volatility.
Ethereum Staking Continues to Expand
The Ethereum network now has more than 920,000 active validators. The recent Pectra update allows validators to reinvest staking rewards directly into their validator accounts, improving operational efficiency. As tokenization, decentralized finance, and blockchain infrastructure evolve, Ethereum staking services are likely to grow further.
Why This Matters
Bitmine’s transformation shows how Ethereum staking is becoming a major revenue source for crypto companies. The shift underscores growing institutional adoption, more predictable blockchain income, and the industry’s move away from traditional cryptocurrency mining.
Outlook
With 98% of total quarterly revenue from staking, 5.77 million ETH under management, and nearly 4.92 million ETH staked, Bitmine is now one of the largest institutional participants in Ethereum’s Proof-of-Stake ecosystem. If current yields hold, annual staking rewards could reach $284 million. Although market risks remain, Bitmine’s pivot illustrates how blockchain companies are increasingly turning to staking as a long-term source of recurring revenue.