Bitmine Immersion Technologies (NYSE:BMNR) posted $46.5 million in revenue for the quarter ended May 31, a 22x jump from a year earlier, even as a $9.1 billion nine-month net loss dominated its latest SEC filing.
Why Is The $9.1 Billion Loss Misleading?
The loss is almost entirely non-cash. Bitmine’s $9.04 billion markdown came from falling Ethereum (CRYPTO: ETH) prices hitting the value of its holdings on paper.
The actual quarterly operating loss was $11.9 million, with an additional $92 million hit from derivative contracts.
The split screen defines Bitmine’s model.
Reported earnings swing with ETH’s price, while the staking operation generates a growing and predictable revenue stream underneath it.
What Is Actually Driving The Revenue?
Staking brought in $45.7 million, or 98% of total quarterly revenue, up from zero a year ago.
The remaining $800,000 came from small self-mining and consulting lines.
Bitmine runs its staking operation through MAVAN, its institutional-grade validator platform launched in March 2026 following the acquisition of Australian blockchain infrastructure firm Pier Two Holdings for $27.8 million.
As of the latest data, 4,917,189 ETH is staked, representing 85% of its total holdings, generating a 7-day annualized yield of 2.70%.
“Annualized staking revenues are now projected at $242 million,” Chairman Tom Lee said, adding that full deployment could push that figure to $284 million annually.
How Big Is Bitmine’s ETH Position?
Bitmine holds 5.77 million ETH worth $10.2 billion, the largest ETH treasury in the world and the second-largest crypto treasury overall behind Strategy Inc. (NASDAQ:MSTR).
That position represents 4.8% of the entire ETH supply, with the company 96% of the way to its stated 5% target.
The company built that position through its at-the-market equity program, raising $11.87 billion over nine months while shares outstanding grew from 232 million to 603 million. Total assets stand at $11.6 billion.
Where Does BMNR Stand Technically?
BMNR trades 9.4% above its 20-day SMA at $14.92, with the near-term bounce still intact.
The longer-term structure stays heavy, with the stock 7.4% below its 50-day SMA at $17.63 and 41.4% below its 200-day SMA at $27.85.
The death cross formed in January keeps the bigger-picture trend biased lower.
Key levels for BMNR
- $18.00 — resistance near the 50-day SMA where rebounds have stalled
- $15.50 — support just above the 20-day SMA where buyers have defended the recent uptrend
Image: Shutterstock
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