BitMine ETH Purchases Set to End as Staking Takes Central Role

BitMine recorded a net loss of $6.3 billion for the fiscal year ending August 31, as stated in its annual report. The vast majority stemmed from unrealized declines in the value of its Ethereum (ETH) holdings.

However, staking contributed approximately 97% of BitMine's revenue over that same timeframe. That revenue stream will need to shoulder a greater burden as BitMine approaches the conclusion of its ETH acquisition program.

Ethereum's Impact on Both Sides of BitMine's Financial Results

ETH's price was $4,458 at the start of BitMine's fiscal year. By August 31, it had declined to roughly $2,467, a decrease of about 45%.

That decline generated approximately $6.2 billion in unrealized losses, per the 10-K filing. The document notes that these losses impacted results even when no coins were sold.

Staking the same ETH, in contrast, produced the bulk of BitMine's revenue. The company earned $121.4 million from staking and validation, representing roughly 97% of the total.

BitMine conducts its staking through MAVAN, an in-house platform launched in March 2026. It also utilizes external providers that follow its directions.

The staked base continued to expand after the fiscal year ended. BitMine held 5,901,837 ETH on August 31 and 6,070,092 by November 8, with 5,227,037 staked.

It estimates the annual value of the resulting staking rewards at $309 million, based on a 2.65% yield and an ETH price of $2,234.

Staking Becomes Key as BitMine Approaches 5% Threshold

BitMine's ETH holdings are nearing their ceiling. The company has purchased ETH every week since June 30, 2025. However, it intends to halt once it reaches 5% of Ethereum's total supply.

It already controls 4.97% of Ethereum's total supply of 122.2 million, leaving roughly 40,000 ETH to acquire. At last week's acquisition rate of 9,587 ETH, this will take about four weeks.

Following that, Ethereum staking rewards will serve as BitMine's primary source of new ETH. Their dollar value, however, is subject to price fluctuations.

Ethereum was trading at $2,058.31 at press time, reflecting a 2.85% decline over the previous 24 hours, according to BeInCrypto Markets. At that price, the 2.65% yield on BitMine's staked ETH amounts to roughly $285 million annually.

The yield itself is also subject to decline. The 10-K cautions that reward rates typically decrease as more ETH is staked across the network.

ETH is currently trading about 17% below the level recorded in BitMine's books on August 31. BitMine plans to file its next report, covering the three months ending November 30, which will reveal how staking revenue performed.