Bitmine’s 10-K shows staking now brings in 97% of its revenue

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. Pier Two generated $10.8 million in staking revenue for the year and is now operating under the MAVAN brand.

MAVAN also supplies staking for institutional investors, custodians and ecosystem partners.

Staked ETH rewards accrue at a gross annual rate of approximately between 2.5% and 4.0%. Previous business lines like self-mining at $1.4m, leasing at $1.5m and consulting at $565,000 are barely registering.

“Because our staking rewards are received in ETH, a decline in ETH prices would reduce the U.S. dollar value of our staking revenue, even if the amount of ETH we earn remains unchanged,” the company said in the filing.

Cost of sales was $18.3 million compared to $5.8 million, chiefly due to staking costs. Since September 4, American Validator LLC has been taking a 1.5% fee on Bitmine’s staked ETH rewards for advising MAVAN.

The 10-K identifies the concentration as a risk factor. The company warned revenue could be disproportionately hit by a disruption at MAVAN, lower staking yields or validator downtime.

Unrealized ETH markdowns drove a $6.31 billion net loss

The loss for the year was also driven by the same ETH exposure. Bitmine posted a net loss of $6.31 billion, versus net income of $348.6 million a year ago, including $6.23 billion from unrealized markdowns on digital assets.

The paper losses on the treasury had already surpassed $7 billion in February, when ether was trading at around $2,048. As of August 31, Bitmine held 5,901,837 ETH worth $14.56 billion on a cost basis of $19.95 billion.

In the year, Bitmine raised $13.2 billion from 395.1 million at-the-market shares and bought back 20.8 million shares at $17 each on average.

The update as of November 9 revealed holdings reaching 6,070,092 ETH by November 8, or about 4.97% of supply, with 5.227 million staked. Lee has said buying stops at 5% of supply, a target he calls the “Alchemy of 5%.”

Bitmine was about 187,000 ETH short of that line in August, Cryptopolitan reported. The company is also moving its fiscal year end to Dec. 31, so its next report is a 10-KT for Sept. 1 to Dec. 31, 2026.