Bitmine Immersion Technologies reported $45.7 million in Ethereum staking and validator revenue for the quarter ending May 31, 2026, accounting for 98% of total revenue, according to its SEC 10-Q filing. This marks a dramatic shift from a year earlier, when the company earned just $2 million primarily from mining rig rentals.
Staking Revenue Surges as Mining Fades
Bitcoin self-mining contributed only $624,000 in the quarter, while advisory services added $168,000. The transformation is driven by MAVAN (Made in America VAlidator Network), an institutional-grade Ethereum staking platform launched in March after Bitmine acquired Australian non-custodial validator operator Pier Two Holdings. The platform initially served Bitmine's own ETH treasury and has since expanded to institutional investors, custodians, and ecosystem partners.
Bitmine has now staked 85% of its ETH holdings, approximately 4.9 million Ether. Chairman Tom Lee stated that Bitmine stakes more ETH than any other entity globally, and when fully staked via MAVAN and its partners, annual Ethereum staking rewards could reach $284 million.
Robinhood Chain Adds Momentum
Lee also highlighted the early success of Robinhood Chain, which launched on July 1 and surpassed $1 billion in transaction volume in under two weeks. He noted that Robinhood's 27 million users are paying crypto fees denominated in ETH, signaling that everyday users are beginning to treat Ether as money.
From Mining Company to Ethereum Infrastructure Provider
Bitmine's transition from a Bitcoin mining firm to an Ethereum infrastructure player is clear. In late 2025, it reported $328 million in net profit and announced MAVAN. By March 2026, the platform went live as Bitmine continued accumulating ETH. As of the latest report, Bitmine holds approximately 5.77 million ETH, with total cash and crypto assets valued at $11.3 billion, making it one of the largest institutional Ether holders. With MAVAN maturing and Robinhood Chain scaling, Ethereum staking has evolved from a treasury strategy into Bitmine's core business model.