Ethereum staking drives Bitmine to $46M quarterly revenue
Last quarter, Bitmine's revenue stream was dominated by Ethereum staking at 98%, demonstrating the success of the company's strategic shift away from Bitcoin mining after launching its validator service in March.
During the most recent quarter, Bitmine Immersion Technologies pulled in $45.7 million from its Ether validation and staking operations, a result that came after the company rolled out its institutional-grade Ethereum staking platform back in March.
The revenue generated through staking represented 98% of Bitmine's overall revenue during the quarter that concluded on May 31, significantly overshadowing the $624,000 brought in through self-mining Bitcoin (BTC) operations and the additional $168,000 derived from consulting services, based on information disclosed in Bitmine's most recent 10-Q filing. The company announced on Monday that it has placed 85% of its ETH holdings into staking, which translates to approximately 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.
Tom Lee, chairman of Bitmine
The most recent financial results for the quarter demonstrate the transformative impact of Bitmine's strategic transition toward Ethereum on its overall revenue composition. One year prior, during the quarter that ended on May 31, 2025, Bitmine reported merely $2 million in aggregate revenue for that period, with the bulk of earnings coming from machine leasing operations.
These financial outcomes also mirror the introduction of MAVAN in March, which serves as an institutional-grade Ethereum staking platform running validator infrastructure both for the company's internal holdings and for external client portfolios.
The platform known as MAVAN, an abbreviation for "Made in America VAlidator Network," came into existence following Bitmine's purchase of Pier Two Holdings, an Australia-based operator of non-custodial validator services. While MAVAN was initially developed to accommodate Bitmine's own Ethereum treasury holdings, the platform's mission subsequently broadened to cater to institutional investors, custodians and various ecosystem partners.
Lee calls Robinhood Chain a "breakaway success"
During Monday's announcement, Lee drew attention to the impressive performance of the recently launched Robinhood Chain, noting that dollar volumes have surpassed the $1 billion threshold since the platform went live on July 1.
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.
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.