The company reported revenue<\/a><\/strong> of $46.5 million for the quarter ending May 31, with $45.7 million\u2014or 98%\u2014generated through staking. This marks a rapid transformation of its business model from traditional crypto mining toward institutional validation infrastructure.<\/p>\n\n\n\nStaking Replaces Traditional Crypto Mining<\/h2>\n\n\n\n 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.<\/p>\n\n\n\n
Today, nearly all of its turnover is derived from Ethereum<\/strong>.<\/p>\n\n\n\nA major contributor to this shift is the MAVAN<\/strong> (Made in America Validator Network) platform, which launched in March 2026. Initially built to manage the company\u2019s own ETH<\/strong> reserves, the infrastructure has matured into an institutional staking service that now caters to external clients.<\/p>\n\n\n\nBy validating network transactions, BitMine earns rewards that currently constitute almost the entirety of the company\u2019s operating income.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Targeting 5% of Total Ethereum Supply<\/h2>\n\n\n\n BitMine is aggressively expanding its Ethereum<\/strong> reserves. As of July 12, the company holds 5.77 million ETH<\/strong>, representing roughly 4.8% of the total circulating supply.<\/p>\n\n\n\nOf this total, 4.92 million ETH<\/strong> is already staked through the MAVAN platform, ensuring a consistent flow of rewards.<\/p>\n\n\n\nUnder a strategy dubbed \u201cAlchemy of 5%,\u201d BitMine aims to accumulate approximately 5% of all existing Ethereum<\/strong> tokens. Success would position the company as the world\u2019s largest institutional holder of the asset.<\/p>\n\n\n\nChairman Tom Lee<\/strong> stated that once all Ethereum<\/strong> holdings are integrated into MAVAN staking programs and partner validators, BitMine expects annual reward revenues to reach approximately $284 million.<\/p>\n\n\n\nEthereum as a Primary Corporate Reserve<\/h2>\n\n\n\n According to Tom Lee, the growth of the leading altcoin is supported by both rising institutional demand and increasing real-world network utility.<\/p>\n\n\n\n
He cited the early July launch of Robinhood Chain<\/strong> as a prime example of this trend. The Layer 2 network uses ETH<\/strong> as its primary token for transaction fees and, according to Lee, has already surpassed $1 billion in trading volume. This suggests Ethereum<\/strong> is becoming a foundational infrastructure asset for next-generation financial applications.<\/p>\n\n\n\nMeanwhile, BitMine is strengthening its position in capital markets. In June, the company was added to the Russell 1000<\/strong> index, and it recently raised $273.8 million through a preferred stock offering, boosting liquidity for future investments.<\/p>\n\n\n\nThe 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<\/strong> continues to climb, such firms could evolve into the \u201cbanks\u201d of a new digital financial system, earning steady income from network maintenance rather than speculative trading.<\/p>\n","protected":false},"excerpt":{"rendered":"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.<\/p>\n","protected":false},"author":104,"featured_media":192275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[424,271,77],"coin_category":[],"class_list":["post-192276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-crypto","tag-ethereum","tag-layer-2"],"acf":[],"yoast_head":"\n
BitMine Pivots to Ethereum Staking, Eyes 5% Global Supply - CryptoDnes EN<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n