Analysis: BitMine's staking business relies heavily on third party operations, 10-year agreements may raise early exit costs

In comparison, according to CryptoSlate, BitMine's Ethereum staking and verification business is highly dependent on the third-party operator Ethereum Tower. According to the relevant management service agreement, Ethereum Tower holds a 2% irrevocable interest in MAVAN, and the initial period of the agreement is up to 10 years; if BitMine terminates the cooperation early under unspecified circumstances, the other party can still choose to continue receiving revenue shares for the remaining period or receive one-time compensation according to the formula.

According to the documents, in the three months up to May 31, 2026, BitMine's pledge and verification business revenue was US$457.43 million, accounting for 98.3% of the total revenue of US$46.535 million. Over the same period, the company held approximately 541.69 million ETH worth approximately $10.856 billion, of which approximately 471.87 million have already been pledged. According to the report, this means that BitMine's revenue performance is not only dependent on Ethereum staking earnings, but is also clearly constrained by third party management relationships and potential cancellation costs.