BitMine gets 98% of revenue from staking as a decade-long contract complicates an early exit
BitMine’s quarter ended May 31, 2026 was dominated by Ethereum staking income: $45.743 million from staking and validation, or 98.3% of $46.535 million total revenue. MAVAN, its Ethereum validator network, generated nearly all reported revenue. BitMine held 5,416,945 ETH valued at $10.856 billion at quarter-end, with about 87% staked as of June 1. BitMine’s staking operation depends on Ethereum Tower. BitMine owns 98% of MAVAN Holdings, while Tower holds 2% as a noncontrolling interest. Under a management agreement, Tower handles delegated strategy and daily operations for staking, validator infrastructure, and systems, while BitMine’s subsidiary remains the formal manager. Tower’s 2% interest is irrevocable and can survive termination, and it also receives monthly revenue participation from native staking. The filing says BitMine’s results depend heavily on MAVAN and Ethereum staking economics, so lower yields, downtime, slashing, or protocol changes could materially hurt revenue.
