CryptoSlate reported that BitMine’s Ethereum staking and validation business is deeply tied to third-party operator Ethereum Tower under a long-term management services agreement. The filing shows Ethereum Tower holds an irrevocable 2% interest in MAVAN, and the initial term of the agreement runs for 10 years. If BitMine ends the relationship early outside certain breach scenarios, Ethereum Tower can either keep receiving its share of revenue for the rest of the term or take a one-time payment calculated under a formula.
The documents also show how central the business has become to BitMine’s financial results. For the three months ended May 31, 2026, staking and validation revenue reached $45.743 million, accounting for 98.3% of total revenue of $46.535 million. During the same period, the company held about 5.4169 million ETH valued at roughly $10.856 billion, with around 4.7187 million ETH already staked. CryptoSlate said the setup leaves BitMine’s revenue dependent not only on Ethereum staking yield, but also on its third-party management relationship and the potential cost of ending that arrangement.
According to CryptoSlate, BitMine’s Ethereum staking and validation business depends heavily on third-party operator Ethereum Tower.
Under the relevant management services agreement, Ethereum Tower holds an irrevocable 2% interest in MAVAN, and the agreement carries an initial term of 10 years. If BitMine terminates the relationship early outside certain specified default scenarios, Ethereum Tower may choose to continue collecting its share of revenue for the rest of the term or receive a one-time payment based on a formula.
Staking and validation made up almost all revenue
Filings show that for the three months ended May 31, 2026, BitMine generated $45.743 million in staking and validation revenue, representing 98.3% of total revenue of $46.535 million.
Over the same period, the company held about 5.4169 million ETH worth roughly $10.856 billion, with around 4.7187 million ETH already staked.
Revenue is also tied to the management arrangement
CryptoSlate said this means BitMine’s revenue performance depends not only on Ethereum staking yield, but also on its third-party management relationship and the potential cost of terminating that arrangement.
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