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BTC 
ETH Ethereum pledges contributed US$45.7 million, accounting for 98% of BitMine's quarterly revenue.
BitMine expanded its Ethereum reserves, and of the 5.77 million ETH held, approximately 85% have been used for pledges. Despite strong revenue growth, the company reported a quarterly net loss of $83.6 million.
According to BitMine Immersion Technologies 'latest SEC filing, Ethereum Pledge contributed almost all of its quarterly revenue, marking a major shift in the company's business. For the quarter ended May 31, the company recorded revenue of $46.5 million, of which $45.7 million came from pledge and verification services, while its Ethereum reserves continued to expand.
Ethereum pledge becomes main business
According to BitMine's latest Form 10-Q submission, Ethereum pledge and verification business accounted for 98% of quarterly revenue. In the three months ended May 31, the company earned $45.7 million in revenue through pledges. This performance has changed significantly compared with the same period last year. At the time, BitMine reported revenue of US$2.05 million, mainly from machine leasing and Bitcoin self-mining businesses. The company entered the field of native Ethereum pledge in November 2025, and subsequently launched the "Made in America Verifier Network" called MAVAN in March 2026.
BitMine also acquired Pier Two, a Australia pledge infrastructure provider, in March. The acquisition business contributed US$3.53 million in quarterly pledge revenue and currently operates under the MAVAN brand.
Ethereum reserves continue to grow
After the end of the reporting period, BitMine continued to increase its Ethereum holdings. As of July 12, the company held 5.77 million ETH units. It is worth noting that 4,917,189 ETH items have been pledged through MAVAN and external pledge partners, accounting for approximately 85% of the company's total Ethereum reserves. Chairman Tom Lee said BitMine aims to own 5% of Ethereum's total supply, a strategy he calls the "alchemy of 5%."
Lee also estimates that annualized pledge rewards could reach approximately US$284 million. This forecast assumes that all ETH held by the company is pledged through MAVAN and cooperation platforms.
Documents disclose risks and financial results
However, BitMine stated that future pledge revenue will depend on multiple factors, including verifier performance, Ethereum pledge yields, protocol changes and potential regulatory developments. The document also shows that traditional business lines contribute very little revenue: Bitcoin generated US$624,000 from mining, and consulting services generated US$168,000, while machine leasing and mining equipment sales did not generate any revenue after the related businesses were terminated.
Despite revenue growth, BitMine reported a quarterly net loss of $83.6 million. According to documents, derivative losses and other expenses dragged down overall financial performance.
