Bitmine Immersion Technologies reported $45.7 million in revenue from Ether staking and validator operations for the most recent quarter, reflecting a major shift in the company’s business model following the introduction of its institutional-grade Ethereum staking platform in March.
Staking dominates revenue streams
For the three months ending May 31, staking activities contributed approximately 98% of Bitmine’s total revenue, according to the company’s latest 10-Q filing. In contrast, self-mined Bitcoin operations generated $624,000, while consulting services added $168,000.
Bitmine disclosed that it has allocated 85% of its Ether holdings—about 4.9 million ETH—into staking. Chairman Tom Lee stated that this is the largest amount of ETH staked by any single entity worldwide.
Bitmine’s projected annual ETH staking reward reaches $284 million at full scale, when both the company’s and its partners’ Ether are fully staked through MAVAN and affiliated staking operations.
A year ago, Bitmine’s quarterly revenue totaled $2 million, driven mainly by equipment leasing, highlighting how the company’s focus on Ethereum staking has transformed its income structure.
Launch and expansion of MAVAN platform
The launch of MAVAN in March marked a new phase for Bitmine. MAVAN, an institutional-grade Ethereum staking service, manages validator infrastructure on behalf of Bitmine and external customers. The platform emerged after Bitmine’s acquisition of Pier Two Holdings, an Australian operator specializing in non-custodial validator services.
Originally developed to support Bitmine’s own Ethereum treasury, MAVAN has grown to serve institutional investors, custodians, and partners within the Ethereum ecosystem.
Mini dictionary: MAVAN (Made in America VAlidator Network) is a staking and validator infrastructure platform focused on institutional-grade Ethereum staking, supporting both Bitmine’s assets and third-party clients.
Robinhood Chain drives Ethereum growth
Bitmine’s chairman Tom Lee also pointed to the rapid success of Robinhood Chain, a new decentralized trading platform that launched on July 1. He reported that dollar trading volumes on Robinhood Chain have already surpassed $1 billion.
According to Lee, Robinhood Chain now handles more trading volume than any other decentralized exchange, underscoring both its significance and the utility of Ethereum as the underlying blockchain.
Robinhood Chain, utilizing ETH as its native gas token, has introduced millions of users to Ethereum-based transactions, with all network fees and settlement processes occurring directly on the Ethereum blockchain.
Lee emphasized that Robinhood’s 27 million users are now paying transaction fees in ETH, signaling a shift toward mainstream viewing of ETH as a form of money within the platform’s ecosystem.
| Quarter Ended | Total Revenue | Staking Revenue | BTC Mining | Consulting |
|---|---|---|---|---|
| May 31, 2026 | $45.7 million | $44.8 million | $624,000 | $168,000 |
| May 31, 2025 | $2 million | Not disclosed | Majority of revenue | Minimal |
