Bitmine Immersion Technologies recorded $45.7 million in revenue from Ether staking and validation last quarter, following the launch of its institutional-grade Ethereum staking platform in March.
Staking revenue accounted for 98% of total revenue for the three months ended May 31, far outpacing the $624,000 from self-mining Bitcoin (BTC) and the $168,000 from consulting services, according to Bitmine’s latest 10-Q filing. On Monday, Bitmine said it had staked 85% of its $ETH holdings, equating to around 4.9 million Ether ($ETH).
“Bitmine has staked more $ETH than other entities in the world. At scale (when Bitmine’s $ETH is fully staked by MAVAN and its staking partners), the projected $ETH staking reward is $284 million on an annualized basis,” said Tom Lee, chairman of Bitmine.
The latest quarterly results show how Bitmine’s pivot to Ethereum has reshaped its revenue mix. A year ago, Bitmine recorded just $2 million in total revenue for the quarter ended May 31, 2025, primarily from machine leasing.
The results also reflect the March launch of MAVAN, an institutional-grade Ethereum staking platform that operates validator infrastructure for its own holdings and external clients.
Related: Ethereum backers launch nonprofit to lead institutional adoption efforts
MAVAN, short for “Made in America VAlidator Network,” followed the acquisition of Australia-based non-custodial validator operator Pier Two Holdings. It was originally developed to support Bitmine’s own Ethereum treasury; its scope expanded to serve institutional investors, custodians and ecosystem partners.
Lee calls Robinhood Chain a “breakaway success”
On Monday, Lee highlighted the success of the newly launched Robinhood Chain, with dollar volumes exceeding $1 billion since its July 1 launch.
“Robinhood Chain now has more trading volume than any other decentralized exchange (DEX), demonstrating the outstanding utility and product market fit for Ethereum, which is the underlying chain,” he said.
“Robinhood Chain uses $ETH as the native gas token. And transaction fees are denominated in $ETH and the finality is settled on Ethereum. Robinhood’s 27 million users are paying crypto fees denominated in $ETH. In other words, everyday users are starting to see $ETH as money,” he added.
Magazine: Strategy became a symbol of the dot-com crash: Could history repeat?
