Bitmine Immersion Technologies generated $45.7 million in revenue from Ethereum staking and validation last quarter, accounting for 98% of its total revenue. The company's pivot from Bitcoin mining gained momentum after launching its institutional-grade staking platform, MAVAN, in March.
Staking revenue dwarfs Bitcoin mining
For the three months ended May 31, Bitmine's staking revenue far exceeded the $624,000 from self-mining Bitcoin (BTC) and the $168,000 from consulting services, according to its latest 10-Q filing. The company has staked 85% of its ETH holdings, roughly 4.9 million Ether (ETH). Chairman Tom Lee projected annualized staking rewards of $284 million once all ETH is fully staked through MAVAN and partners.
Strategic pivot reshapes revenue mix
A year earlier, Bitmine recorded just $2 million in total revenue for the same quarter, primarily from machine leasing. The dramatic shift underscores the success of its Ethereum-focused strategy. MAVAN, short for "Made in America VAlidator Network," was built after Bitmine acquired Australian non-custodial validator operator Pier Two Holdings. Initially designed to manage Bitmine's own Ethereum treasury, the platform now serves institutional investors, custodians, and ecosystem partners.
Robinhood Chain as a catalyst
Lee also highlighted Robinhood Chain, which launched July 1 and has seen dollar volumes exceed $1 billion. He called it a "breakaway success," noting it now has more trading volume than any other decentralized exchange. Robinhood Chain uses ETH as its native gas token, with transaction fees denominated in ETH and finality settled on Ethereum. Lee emphasized that Robinhood's 27 million users are effectively treating ETH as money, driving everyday adoption.