That amount accounted for 98 percent of total revenue of $46.5 million in the period ending May 31, according to the company's latest quarterly filing with the Securities and Exchange Commission (SEC). A year ago, the company's total quarterly revenue was just $2.05 million. At that time, $1.08 million of the income came from machine rental and $813 thousand from Bitcoin mining. The latest results show how sharply the company, which built one of the world's largest institutional Ethereum treasuries, is shifting its business to Ethereum.
Despite the increase in revenue, BitMine posted a quarterly net loss of $83.6 million, driven largely by derivative losses and other expenses.
BitMine started Ethereum staking operations in November 2025 and launched the Made in America Validator Network, or MAVAN, platform in March 2026. This institutional platform, which offers validator and staking infrastructure, is designed to go beyond the company's own treasury and serve custodians and other institutional customers. The company also acquired Australian staking infrastructure provider Pier Two in March. The business contributed $3.53 million in quarterly staking revenue and now operates under the MAVAN brand.
BitMine said staking and verification generated $56.9 million in the nine months ending May 31, or 95 percent of its total revenue for the period. Bitcoin mining generated only $624,000 in revenue in the same quarter, while consulting generated $168,000. The company did not generate revenue from these items because it discontinued the sale of machinery rental and mining equipment.
BitMine continued to grow its Ethereum position quarter after quarter. The company holds 5.77 million Ethereum as of July 12 and has staked 4,917,189 Ethereum, which is approximately 85 percent, through its own operations and staking partners. The company's long-term strategy is based on its goal of owning 5 percent of the Ethereum supply, which executive chairman Tom Lee calls 5 percent alchemy.
Lee said that if the entire Ethereum balance is staked through MAVAN and partner platforms, the company can generate approximately $284 million in annual staking rewards. The estimate is based on the last seven-day annualized return of 2.70 percent, and staking returns may vary as Ethereum prices and validator conditions change. The company itself has identified this addiction as a business risk. According to the SEC filing, staking and verification revenue is largely concentrated in transactions originating from MAVAN. Therefore, low staking returns, validator outages, Ethereum protocol changes or regulatory situations may directly impact future revenue.