Staking now makes up almost all of Bitmine's revenue, annual report shows

Bitmine Immersion Technologies told the SEC that 97% of its revenue in the year to August 31 came from staking and validation. The Tom Lee-led ether treasury a year ago yielded zero revenue from staking. Sales jumped to $124.8 million from $6.1 million a year earlier Of the $124.8 million in total revenue in the annual 10-K, $121.4 million was from staking. A year ago, revenue was $6.1 million. Native staking was launched by Bitmine in November 2025. It operates its own ETH in validators through MAVAN, the institutional staking platform it launched on March 25, 2026, and third-party providers acting on its behalf. Bitmine acquired Australian validator firm Pier Two through MAVAN Holdings a day before the launch.

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