According to the Form 10-Q filed on July 14, BitMine earned $45.743 million from staking and validation in the three months ended May 31, 2026, representing 98.3% of its total revenue of $46.535 million.
Therefore, the company’s Ethereum verification network, MAVAN, generated nearly all of the revenue reported this quarter. BitMine held 5,416,945 ETH, worth $10,856 million at the end of the quarter. The June 1st update reported that 4,718,677 ETH (approximately 87%) of the 5,416,901 ETH held was staked, but the company’s goal of acquiring 5% of Ethereum’s supply remains a future prospect.
Operating dependencies of the platform include Ethereum Tower. BitMine will own 98% of MAVAN Holdings, and Tower will hold the remaining 2% as a non-controlling shareholder. Under the managed services agreement, effective March 24, Tower will perform delegated strategic planning and day-to-day operations across native staking, validator infrastructure, and technology systems. BMNR, a subsidiary of BitMine, is the official controller and holds reserved rights.
The 2% interest in the Tower is irrevocable and survives termination or expiration unless sold or transferred. Tower also earns monthly revenue from BitMine’s native staking operations, the exact allocation of which is hidden in a redacted schedule. There is no right to profit from third party staking operations.
Cost of changing business operator
This agreement has an initial term of 10 years and may be terminated for convenience by BMNR upon 180 days’ prior written notice. If BMNR terminates the agreement early for reasons other than specific Tower-related reasons, such as breach, bankruptcy, or fraud, Tower may choose one of two economic outcomes.
Even after we stop providing Managed Services, you will continue to receive revenue participation for the remainder of the term. Alternatively, you can choose a lump sum amount equal to 85% of your highest monthly payment for the past 12 months, or less multiplied by the number of months remaining. The redacted assignment makes it impossible to calculate withdrawal costs from public materials.
BitMine’s 10-Q states that its results are highly dependent on favorable economic conditions for MAVAN and Ethereum staking. Reduced yields, validator downtime, and significant or adverse changes to the protocol could reduce revenue and cash flow. These risks could hit BitMine’s main reported revenue line, as staking and verification account for 98.3% of quarterly revenue. The filing does not report underperformance of MAVAN or Ethereum Tower.
Targeted operator replacement creates another migration test. Tower must cease providing the Services and cooperate with BitMine or its designee in assuming responsibility for validators and technology. However, Tower’s 2% interest rate would continue, and continued participation in earnings or formula-based payments could remain as an alternative outcome. As a result, BitMine’s ETH strategy is tied not only to staking yields, but also to third-party management relationships that include obligations that may survive an early separation.
