Bitmine Immersion Technologies reported $45.7 million in Ether staking and validation revenue last quarter, after launching its institutional-grade Ethereum staking platform in March.
Staking revenue accounted for 98% of total revenue for the three months ended May 31, significantly outpacing $624,000 from self-owned Bitcoin (BTC) mining and $168,000 from consulting services, according to Bitmine latest 10-Q filing. On Monday, Bitmine he said he staked 85% of his stake in ETH, which is equivalent to approximately 4.9 million Ether (ETH).
“Bitmine has staked more ETH than any other entity in the world. At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward will be $284 million on an annualized basis,” said Tom Lee, CEO of Bitmine.
The latest quarterly results show how Bitmine Axis to Ethereum has changed its revenue mix. A year ago, Bitmine reported just $2 million in total revenue in the quarter ended May 31, 2025, mostly from machinery leasing.
The results also reflect March premiere of MAVANan institutional Ethereum staking platform that operates a validator infrastructure for its own wallets and third-party clients.
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MAVAN, low for “Made in America VAlidator Network,” follows the acquisition of Australian non-custodial validator operator Pier Two Holdings. It was originally developed to support Bitmine’s own Ethereum vault; its scope has been expanded to serve institutional investors, custodians and ecosystem partners.
Lee calls Robinhood Chain a ‘breakout success’
On Monday, Lee highlighted the success of the newly launched Robinhood Chain, which has surpassed $1 billion in dollar volume since its July 1 launch.
“Robinhood Chain currently has greater trading volume than any other decentralized exchange (DEX), demonstrating the unique market fit for tools and products with Ethereum, which is the underlying network,” he said.
“Robinhood Chain uses ETH as its native gas token. Trading fees are denominated in ETH and finality is settled in Ethereum. Robinhood’s 27 million users pay crypto fees denominated in ETH. In other words, regular users are starting to see ETH as money,” he added.
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