Bitmine posts $9.1 billion nine-month loss as Ethereum staking drives revenue

Bitmine Immersion Technologies reported a $9.1 billion net loss, or $20.51 per share, for the nine months ended May 31, 2026, as a $9.04 billion non-cash unrealized markdown on digital assets overshadowed a sharp rise in revenue led by Ethereum staking and validation. In the fiscal third quarter, revenue rose to $46.54 million from $2 million a year earlier, with staking and validation contributing $45.74 million, or 98% of the total. The company also disclosed losses tied to ETH-denominated option contracts, primarily sold puts, including a previously cited roughly $92 million quarterly derivative loss and a $133.3 million net loss over nine months. The latest filing said 4.9 million ETH had been staked as of May 31, equal to about 85% of its holdings, underscoring Bitmine’s strategy of turning its large Ether treasury into recurring validator income. Subsequent company updates showed Bitmine had increased its Ethereum holdings to 5,770,038 ETH as of July 12, 2026, including a weekly addition of 27,801 ETH and a latest 6,000 ETH purchase for about $11.18 million, putting it at roughly 4.8% of Ethereum’s approximately 120.7 million circulating supply as it pursues its stated goal of owning 5% by the end of 2026. Bitmine said 4,917,189 ETH had been fully staked through its MAVAN platform at an annualized yield of about 2.70%, implying expected annualized staking revenue of about $242 million, while the company’s asset base included 206 BTC and $482 million in cash and marketable securities. The filing and later updates together highlight Bitmine’s shift from Bitcoin mining and equipment leasing toward an institutional Ethereum treasury and staking model built around MAVAN, expanded through the March acquisition of Australian validator operator Pier Two and supported in part by a $273.8 million Series A Preferred Stock offering that closed June 10, 2026.