BitMine Revenue Jumps 22x Even as It Posts $9 Billion Net Loss

BitMine Immersion Technologies posted income of $46.5 million within the three months ended May 31, a 22x soar from a 12 months earlier, even as a $9.1 billion nine-month internet loss dominated its newest submitting.

The loss stems nearly fully from a non-cash markdown on the corporate’s Ethereum (ETH) holdings. Underneath it, BitMine’s staking enterprise scaled from nearly nothing into the agency’s dominant income supply.

Staking Drives BitMine’s Revenue

According to BitMine’s submitting, income from staking and validation reached $45.7 million, about 98% of the full. A 12 months earlier, that line was zero. The relaxation got here from small self-mining and consulting traces, collectively below $800,000.

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As of the newest information, BitMine has staked 4.9 million ETH, roughly 85% of its holdings, by its MAVAN validator platform. The firm initiatives annualized staking income close to $242 million.

“Annualized staking revenues are actually projected at $242 million. And this 4.9 million ETH is 85% of the 5.77 million ETH held by Bitmine. Bitmine’s personal staking operations generated a 7-day yield of two.70% (annualized),” said Tom Lee.

That revenue rests on a large ETH place. As of July 12, BitMine holds 5.77 million ETH, price roughly $10.5 billion and equal to 4.8% of provide. The stake makes it the biggest company ETH treasury. 

The pattern extends properly past BitMine. One latest examine discovered that staking accounted for 60% of disclosed income throughout listed ETH treasury companies in 2025.

A $9 Billion Loss That Missed the Numbers

The headline loss appears alarming, however the timing issues. BitMine’s $9.1 billion nine-month internet loss got here nearly fully from a $9.04 billion unrealized markdown on its digital property, in keeping with its SEC submitting.

That harm landed as the worth of its ETH holdings fell. In the three months ended May 31, the online loss narrowed to $83.6 million.

The interval’s working loss was $11.9 million. The greater hit got here from a $92 million loss on spinoff contracts.

The break up display defines BitMine’s mannequin. Its reported earnings will swing with ETH’s value, whereas its staking operation generates a rising income stream. The coming months will check whether or not staking revenue can offset that volatility.

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