BitMine gets 98% of revenue from staking as a decade-long contract complicates an early exit
BitMine generated $45.743 million from staking and validation in the three months ended May 31, 2026, equal to 98.3% of its $46.535 million in total revenue, according to a Form 10-Q filed July 14. MAVAN, the companys Ethereum validator network, therefore produced nearly all revenue reported for the quarter. BitMine held 5,416,945 ETH valued at $10.856 billion at quarter-end. A June 1 update reported 4,718,677 ETH staked out of 5,416,901 ETH held, or about 87%, while the companys goal of acquiring 5% of Ethereums supply remains forward-looking. The platforms operating dependencies include Ethereum Tower. BitMine owns 98% of MAVAN Holdings, while 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 across native staking, validator infrastructure and technology systems. BitMine subsidiary BMNR remains the formal manager and retains reserved powers. Towers 2% interest is irrevocable and survives termination or expiration unless it is sold or assigned. Tower also receives monthly revenue participation from BitMines native staking operations, although its precise allocation is hidden in a redacted schedule. It has no entitlement to revenue from third-party staking operations. The cost of changing operators The agreement has a 10-year initial term, and