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BitMine draws nearly all revenue from staking, contract complicates exit

In the three months ended May 31, 2026, staking and validation generated $45.743 million, or 98.3% of BitMine total revenue, with an Ethereum validator network tied to a 10-year services agreement.

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BitMine reported that staking and validation drove nearly all of its revenue, generating $45.743 million in the three months ended May 31, 2026, which accounted for 98.3% of its $46.535 million in total revenue, according to a Form 10-Q filed July 14, as summarized by CryptoSlate.

The company said its Ethereum validator network, MAVAN, produced nearly all quarterly revenue. BitMine held 5,416,945 ETH valued at $10.856 billion at quarter-end, and a June 1 update put 4,718,677 ETH staked, or about 87%, against 5,416,901 ETH held.

BitMine owns 98% of MAVAN Holdings, while Ethereum Tower holds the remaining 2% as a noncontrolling interest. Under a management services agreement effective March 24, Tower performs delegated strategic planning and day-to-day work, while subsidiary BMNR remains the formal manager with reserved powers.

The agreement has a 10-year initial term, with BMNR able to terminate for convenience using 180 days prior written notice. If BMNR ends the agreement early for reasons other than certain cause grounds tied to Tower, Tower can either keep receiving revenue participation for the remaining term or elect a lump sum equal to 85% of its highest monthly fee in the prior 12 months, multiplied by the months left, though a redacted schedule prevents calculating an exact exit cost. BitMine also warned that its results substantially depend on MAVAN and favorable Ethereum staking economics, including risks such as lower yields or validator downtime that could reduce revenue and cash flow.

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