BitMine Will Soon Stop Buying ETH. Here’s Where Its New Coins Come From

BitMine posted a $6.3 billion net loss for the year to August 31, according to its annual report. Unrealized drops in the value of its Ethereum (ETH) holdings drove nearly all of it.

Yet staking brought in about 97% of BitMine’s revenue over the same period. That income now has to carry more weight, as BitMine nears the end of its ETH buying.

How Ethereum Shaped Both Sides of BitMine’s Results

ETH’s price stood at $4,458 when BitMine’s fiscal year began. By August 31, it had fallen to about $2,467, a drop of roughly 45%.

That slide produced about $6.2 billion in unrealized losses, according to the 10-K. The filing notes these losses hit results even when no coins are sold.

Staking the same ETH, meanwhile, generated most of BitMine’s revenue. The firm earned $121.4 million from staking and validation, about 97% of the total.

BitMine stakes through MAVAN, the in-house platform it launched in March 2026. It also uses outside providers that act on its instructions.

The staked base kept growing after year-end. BitMine held 5,901,837 ETH on August 31 and 6,070,092 by November 8, with 5,227,037 staked.

It values the resulting staking rewards at $309 million a year, using a 2.65% yield and $2,234 per ETH.

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Staking Takes Over as BitMine Nears Its 5% Cap

BitMine’s ETH pile is now close to its limit. BitMine has bought ETH every week since June 30, 2025. However, it plans to stop at 5% of Ethereum’s supply.

It already holds 4.97% of Ethereum’s total supply of 122.2 million, leaving roughly 40,000 ETH to buy. At last week’s pace of 9,587 ETH, that takes about 4 weeks.

After that, Ethereum staking rewards become BitMine’s main source of new ETH. Their dollar value, however, depends on the price.

Ethereum traded at $2,058.31 at press time, down 2.85% over the past 24 hours, per BeInCrypto Markets. At that price, the 2.65% yield on BitMine’s staked ETH comes to about $285 million a year.

The yield itself can shrink, too. The 10-K warns that reward rates generally fall as more ETH is staked across the network.

ETH now trades about 17% below its August 31 level in BitMine’s books. BitMine expects to file its next report, covering the three months to November 30, which will show how staking revenue held up.

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