BitMine reported $46.5 million in revenue for the three months ended May 31, a 22-fold jump from a year earlier. The company also disclosed a $9.1 billion net loss for the nine months ended May 31, almost entirely from a non-cash markdown on its Ethereum holdings. The results highlight how BitMine's earnings swing with ETH's price even as its staking operation generates a growing revenue stream.
The Ethereum markdown
The $9.1 billion loss stems from a $9.04 billion unrealized markdown on digital assets, according to BitMine's SEC filing. The company holds 5.77 million ETH, worth roughly $10.5 billion — equal to 4.8% of the total ETH supply. That makes BitMine the largest corporate ETH treasury. The markdown is non-cash, meaning it doesn't affect the company's cash flow or operations, but it does weigh on reported earnings.
Staking becomes the main revenue driver
Revenue from staking and validation reached $45.7 million in the quarter, about 98% of total revenue. A year earlier, staking revenue was zero. BitMine has staked 4.9 million ETH, roughly 85% of its holdings, through its MAVAN validator platform. The company projects annualized staking revenue near $242 million. Staking accounted for 60% of disclosed revenue across listed ETH treasury firms in 2025, and BitMine is now leaning heavily into that model.
Quarterly loss narrows
In the three months ended May 31, the net loss narrowed to $83.6 million. The period's operating loss was $11.9 million. A $92 million loss on derivative contracts contributed to the quarterly loss. So while the headline nine-month loss looks enormous, the quarterly trend shows some improvement — though the derivative losses remain a drag.
What the staking yield means
BitMine's own staking operations generated a 7-day yield of 2.70% annualized. That's a concrete return on the 4.9 million ETH it has staked. The company projects annualized staking revenue near $242 million, which would provide a steady income stream regardless of ETH price swings. But the reported earnings will continue to swing with ETH's price, as the non-cash markdowns on the remaining unstaked holdings and the derivative losses show.
