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.\u00a0<\/p>\n
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\u2019s latest<\/a> 10-Q filing. On Monday, Bitmine said<\/a> it had staked 85% of its ETH holdings, or about 4.9 million Ether (ETH).\u00a0<\/p>\n \u201cBitmine has staked more ETH than other entities in the world. At scale (when Bitmine\u2019s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $284 million on an annualized basis,\u201d said Tom Lee, chairman of Bitmine.\u00a0<\/p>\n The latest quarterly results show how Bitmine\u2019s pivot<\/a> 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.\u00a0<\/p>\n The results also reflect the March launch of MAVAN<\/a>, an institutional-grade Ethereum staking platform that operates validator infrastructure for its own holdings and external clients.\u00a0<\/p>\n Related: <\/strong><\/em>Ethereum backers launch nonprofit to lead institutional adoption efforts<\/strong><\/em><\/a>\u00a0<\/strong><\/em><\/p>\n MAVAN, short for \u201cMade in America VAlidator Network,\u201d followed the acquisition of Australia-based non-custodial validator operator Pier Two Holdings. It was originally developed to support Bitmine\u2019s own Ethereum treasury; its scope was expanded to serve institutional investors, custodians and ecosystem partners.\u00a0\u00a0<\/p>\n On Monday, Lee highlighted the success of the newly launched Robinhood Chain, with dollar volumes exceeding $1 billion since its July 1 launch.\u00a0<\/p>\n \u201cRobinhood 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,\u201d he said.\u00a0<\/p>\n \u201cRobinhood Chain uses ETH as the native gas token. And transaction fees are denominated in ETH and the finality is settled on Ethereum. Robinhood\u2019s 27 million users are paying crypto fees denominated in ETH. In other words, everyday users are starting to see ETH as money,\u201d he added.\u00a0<\/p>\n Magazine: <\/strong><\/em>Strategy became a symbol of the dot-com crash: Could history repeat?<\/strong><\/em><\/a><\/p>\nLee calls Robinhood Chain a \u201cbreakaway success\u201d<\/h2>\n