BitMine's Staking Business Relies on Third Parties, 10-Year Agreement Increases Exit Costs

BitMine's Ethereum staking and validation business relies on the third-party operator Ethereum Tower. According to the management service agreement, Ethereum Tower holds an irrevocable 2% interest in MAVAN, with an initial term of 10 years; if BitMine terminates the cooperation early under non-specific default conditions, the other party can continue to receive revenue sharing for the remaining term or receive a one-time compensation according to a formula. As of May 31, 2026, the revenue from BitMine's staking and validation business was $45.743 million, accounting for 98.3% of total revenue of $46.535 million. During the same period, the company held approximately 5.4169 million ETH, valued at about $10.856 billion, of which approximately 4.7187 million ETH had been staked. This indicates that BitMine's revenue performance is not only dependent on Ethereum staking returns but is also constrained by third-party management relationships and potential termination costs.

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