BitMine generated $45.743 million from staking and validation in the three months ending May 31, 2026 — a sum that accounted for 98.3% of its total revenue of $46.535 million. The figure underscores just how dependent the crypto miner has become on its Ethereum validator network, MAVAN. At quarter-end, BitMine held 5,416,945 ETH valued at $10.856 billion, with roughly 87% of that — 4,718,677 ETH — actively staked.
The MAVAN structure
BitMine owns 98% of MAVAN Holdings. The remaining 2% belongs to Ethereum Tower, an entity that handles strategic planning and day-to-day operations for native staking, validator infrastructure, and technology systems. That arrangement took effect March 24 under a management services agreement. BitMine subsidiary BMNR remains the formal manager and retains reserved powers over MAVAN. Ethereum Tower's 2% interest is irrevocable and survives termination or expiration unless sold or assigned.
Ethereum Tower's compensation
Ethereum Tower receives monthly revenue participation from BitMine's native staking operations, though the precise allocation is redacted in public filings. The entity has no entitlement to revenue from third-party staking. The management services agreement runs for an initial 10-year term. BMNR can terminate for convenience with 180 days' notice. If BMNR ends the agreement early for reasons other than cause — breach, insolvency, misconduct — Ethereum Tower can choose either continued revenue participation for the remaining term or a lump sum equal to 85% of its highest monthly fee during the preceding 12 months multiplied by the months left. The redacted allocation prevents calculating a dollar exit cost from public materials.
Risks and dependencies
BitMine's 10-Q states that its results depend substantially on MAVAN and favorable Ethereum staking economics. Lower yields, validator downtime, slashing, or adverse protocol changes could reduce revenue and cash flow. The filing does not report that MAVAN or Ethereum Tower has underperformed. Still, the concentration is stark: one network, one service line, nearly all the revenue. Upon a covered operator replacement, Ethereum Tower must stop providing services and cooperate in the transition, but its 2% interest persists, and either continuing revenue participation or the formula-based payment may remain as alternative outcomes.
The next concrete test for BitMine will be whether Ethereum's staking yields hold up through the rest of 2026 — and whether the redacted revenue-sharing terms ever become public enough for investors to model the true cost of a breakup.
