BitMine Pivots to Ethereum Staking, Eyes 5% Global Supply

BitMine reports $46.5M in revenue as it shifts from mining to Ethereum staking, now holding 4.8% of the total ETH supply via its MAVAN platform.

The company reported revenue of $46.5 million for the quarter ending May 31, with $45.7 million—or 98%—generated through staking. This marks a rapid transformation of its business model from traditional crypto mining toward institutional validation infrastructure.

Staking Replaces Traditional Crypto Mining

The latest financial report highlights how quickly BitMine is evolving. Just one year ago, the company generated approximately $2 million in revenue, primarily by leasing specialized hardware for cryptocurrency mining.

Today, nearly all of its turnover is derived from Ethereum.

A major contributor to this shift is the MAVAN (Made in America Validator Network) platform, which launched in March 2026. Initially built to manage the company’s own ETH reserves, the infrastructure has matured into an institutional staking service that now caters to external clients.

By validating network transactions, BitMine earns rewards that currently constitute almost the entirety of the company’s operating income.

Despite these record revenues, BitMine reported a net loss of $83.6 million. This was primarily driven by non-cash, unrealized accounting losses on the crypto assets held on its balance sheet, rather than a decline in core business performance.

Targeting 5% of Total Ethereum Supply

BitMine is aggressively expanding its Ethereum reserves. As of July 12, the company holds 5.77 million ETH, representing roughly 4.8% of the total circulating supply.

Of this total, 4.92 million ETH is already staked through the MAVAN platform, ensuring a consistent flow of rewards.

Under a strategy dubbed “Alchemy of 5%,” BitMine aims to accumulate approximately 5% of all existing Ethereum tokens. Success would position the company as the world’s largest institutional holder of the asset.

Chairman Tom Lee stated that once all Ethereum holdings are integrated into MAVAN staking programs and partner validators, BitMine expects annual reward revenues to reach approximately $284 million.

Ethereum as a Primary Corporate Reserve

According to Tom Lee, the growth of the leading altcoin is supported by both rising institutional demand and increasing real-world network utility.

He cited the early July launch of Robinhood Chain as a prime example of this trend. The Layer 2 network uses ETH as its primary token for transaction fees and, according to Lee, has already surpassed $1 billion in trading volume. This suggests Ethereum is becoming a foundational infrastructure asset for next-generation financial applications.

Meanwhile, BitMine is strengthening its position in capital markets. In June, the company was added to the Russell 1000 index, and it recently raised $273.8 million through a preferred stock offering, boosting liquidity for future investments.

The transformation of BitMine reflects a broader shift in the crypto industry. Rather than relying on asset mining, public companies are increasingly building models around staking, tokenized assets, and blockchain infrastructure. If interest in Ethereum continues to climb, such firms could evolve into the “banks” of a new digital financial system, earning steady income from network maintenance rather than speculative trading.