Bitmine ETH staking yields $46M as Bitcoin mining fades
Bitmine Immersion Technologies generated nearly all of its $46.7 million in quarterly revenue from Ethereum staking, signaling a successful but highly concentrated pivot away from legacy Bitcoin mining.
Bitmine Immersion Technologies generated $45.7 million from Ethereum staking and validation in the quarter ended May 31, accounting for 98% of its total revenue. The figure marks a dramatic operational shift for the company, which reported just $2 million in total revenue for the same period a year earlier. At that time, Bitmine’s business relied primarily on machine leasing.
The company now holds roughly 4.9 million Ether (ETH), with 85% of those holdings currently staked. Chairman Tom Lee stated that Bitmine has staked more ETH than any other entity globally. If the firm and its staking partners fully deploy the remaining holdings through the MAVAN platform, Lee projected the annualized staking rewards could reach $284 million.
The sudden revenue surge follows the March launch of MAVAN, or Made in America VAlidator Network. Bitmine built the institutional-grade staking infrastructure following its acquisition of Australia-based non-custodial validator operator Pier Two Holdings. While initially developed to support Bitmine’s own Ethereum treasury, MAVAN’s mandate quickly expanded to serve institutional investors, custodians and broader ecosystem partners.
By comparison, the company’s legacy operations have been rendered virtually negligible. Self-mining Bitcoin generated just $624,000 during the quarter, while consulting services brought in $168,000, according to Bitmine’s latest 10-Q filing.
Lee pointed to broader network adoption, highlighting the July 1 launch of the Robinhood Chain. He described the decentralized exchange as a "breakaway success," noting it has processed over $1 billion in trading volume to surpass all rivals. "In other words, everyday users are starting to see ETH as money,” Lee added, pointing out that the chain uses ETH for gas and settlement across Robinhood's 27 million users.
For market participants, Bitmine’s quarterly results illustrate both the rapid scalability of institutional Ethereum staking and the extreme concentration risk now embedded in the firm’s business model. The company has effectively abandoned its legacy mining operations in favor of a financial profile that is entirely tethered to Ethereum network dynamics.
