Bitmine Immersion Technologies generated $45.7 million in revenue from Ethereum staking and validation last quarter, following the launch of its institutional-grade staking platform in March.
Staking accounted for 98% of total revenue for the three months ended May 31. That far outpaced the $624,000 from self-mining Bitcoin and $168,000 from consulting services, according to Bitmine’s latest 10-Q filing.
On Monday, Bitmine said it had staked 85% of its ETH holdings, roughly 4.9 million Ether. Tom Lee, Bitmine’s chairman, claimed that “Bitmine has staked more ETH than other entities in the world.” He projected annualized staking rewards at $284 million once Bitmine’s ETH is fully staked.
Revenue shift highlights Ethereum pivot
The quarterly results show how Bitmine’s pivot to Ethereum has reshaped its revenue mix. A year ago, total revenue for the same quarter was just $2 million, mostly from machine leasing.
The results reflect the March launch of MAVAN, an institutional-grade Ethereum staking platform. MAVAN, short for “Made in America Validator Network,” operates validator infrastructure for Bitmine’s holdings and external clients. It followed Bitmine’s acquisition of Pier Two Holdings, an Australian non-custodial validator operator.
Robinhood Chain volumes pass $1 billion
On Monday, Lee also highlighted Robinhood Chain’s performance. Since its July 1 launch, dollar volumes exceeded $1 billion. “Robinhood Chain now has more trading volume than any other decentralized exchange,” he said. “Robinhood Chain uses ETH as the native gas token… In other words, everyday users are starting to see ETH as money.”
The news underscores how staking and blockchain infrastructure are becoming key revenue drivers for crypto firms. But whether this trend continues depends on Ethereum’s price and network activity, which can be unpredictable.
