Bitmine Immersion Technologies (NYSE: BMNR) generated $46 million in revenue entirely from Ethereum staking during its last quarter. The yield now makes up 98% of the company’s total incoming cash flow. That ratio confirms a complete operational pivot away from its original Bitcoin mining infrastructure.
This financial shift occurred directly after the rollout of the company’s proprietary validator node infrastructure in March 2026. Branded as MAVAN, the system processes the transactions, according to Cointelegraph, that generate the quarterly returns.
The corporate treasury driving these returns is expanding rapidly. Bitmine holds 5.77 million ETH tokens as of mid-July. That stash is valued at roughly $10.5 billion and controls 4.8% of the entire global ETH supply.
Chairman Tom Lee refers to this aggressive accumulation as the “Alchemy of 5%” corporate strategy. The stated goal is to capture a full five percent of the circulating Ethereum supply by the end of the year. To reach that target, Bitmine is rapidly assembling assets across its proprietary network and partner platforms.
Currently, the company has staked 4.91 million of its ETH holdings. That accounts for $9.0 billion in locked value generating an annualized 7-day staking yield of 2.70%. Bitmine projects $242 million in annualized staking revenue at the current rate. If the remaining un-staked treasury is deployed into contracts, those projections scale to $284 million.
The Global Treasury Race
Bitmine is now the second-largest corporate crypto treasury in the world across all digital assets. The firm sits just behind Strategy Inc., which holds 843,775 Bitcoin valued at approximately $54 billion. However, Bitmine holds the uncontested top position for corporate Ethereum reserves.
This capitalization strategy is forcing traditional markets to react. The treasury expansion triggered Bitmine’s formal inclusion into the Russell 1000 Large-cap index on June 26, 2026. That index listing exposes the stock to mandatory, passive buying from institutional index funds.
Bottom Line
Bitmine successfully transitioned from a hardware-heavy Bitcoin miner to a high-margin Ethereum yield generator. Investors should treat the stock as a proxy for Ethereum price action combined with a 2.70% operational yield. The 98% revenue concentration means the company’s financial health is entirely dependent on the underlying Ethereum network maintaining its current staking reward structure.