In just three months, Bitmine’s revenue reached $46.5 million — most of it from Ethereum staking. We break down the numbers.
Bitmine Immersion Technologies, the largest public ether holder, reported $46.5M in revenue for the three months ending May 31, 2026–a 22-fold increase from the same period last year.
The main driver was Ethereum staking, which contributed $45.7M, or 98% of total revenue. That revenue stream didn’t exist last year. The remainder came from bitcoin mining and consulting services.
By July 13, Bitmine had staked 4.9 million ETH▲$1,761.17 — about 85% of its total 5.77 million coin portfolio, representing 4.8% of Ethereum’s total supply.
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Record Revenue Growth and $9.1 Billion in Unrealized Losses
The MAVAN staking platform, launched in March 2026, is generating a yield of about 2.70% annually. Annualized staking income is estimated at $242M. Despite record revenue, the company posted a net loss of $9.1B over nine months–nearly all of it from non-cash ETH asset markdowns due to falling prices.
The three-month net loss narrowed to $83.6M, including $11.9M in operating losses and $92M in derivative contract losses. Bitmine’s financials are tightly tied to Ethereum (ETH) volatility, but staking provides a steady cash flow that could eventually offset those fluctuations.
Read more: Ethereum ETF Update — Could Staking ETFs Become ETH’s Biggest Catalyst?
Tom Lee: Ether’s Market Cap Could Reach $5 Trillion
Bitmine Chairman and Fundstrat Capital co-founder Tom Lee said ether is deeply undervalued and its market cap could eventually reach $5T. Speaking on the New Era Finance podcast, Lee highlighted Ethereum’s main advantage: the vast number of decentralized applications and DeFi protocols built on it.
As crypto capital grows, he said, the DeFi ecosystem will expand, driving demand for ether. Lee cited Citi’s forecast that the tokenized RWA market will grow from $17B to $5.5T by 2030–and he believes that process will largely happen on Ethereum.
“Can ether’s market cap reach $1 trillion or even $5 trillion? Yes. I can easily see that happening over the next few years. Gold’s market cap is over $22 trillion, the stock market is $100 trillion, real estate is $300 trillion. To monetize all these assets, you’ll have to use Ethereum and other blockchains,” Lee said.
At the time of publication, Ethereum trades at roughly $1,870, up 5+% on the day. The weekly gain stands at 6.5%. ETH’s market cap is just above $226B–still far from a trillion.
Learn more: Ethereum to $100K? Tom Lee’s Bullish ETH Forecast Sparks Massive Debate: Genius Call or Pure Hype?
