Bitmine Generates 98% of Revenue from Ethereum Staking

Bitmine (BMNR) reported that 98% of its revenue for the quarter ending in May 2026 came from Ethereum (ETH) staking and validation services. According to the 10-Q report, staking and validation revenue amounted to $45.743 million, accounting for 98% of total revenue of $46.5 million. During the same period, self-mining revenue was $624,000, and consulting revenue was $168,000. For the nine-month period, staking and validation revenue reached $56.924 million, representing 95% of total revenue of $59.99 million. Bitmine began Ethereum staking in November 2025 and stated that it would be a key revenue strategy. On March 24, 2026, Bitmine acquired the Australian blockchain company Peer-to and launched the Ethereum staking platform MAVAN for institutional investors and ecosystem participants. Staking rewards are earned through validator operations, which differentiates it from Bitcoin-holding companies. Bitmine's revenue is heavily concentrated in staking and validation operations, and it warned that declines in validator performance and changes in the Ethereum reward structure could impact its results. According to Ethereum's official roadmap, the Glamsterdam upgrade is scheduled for the fourth quarter of 2026.