Bitmine generated $46M from Ethereum staking last quarterEthereum staking generated 98% of Bitmine’s revenue last quarter as the company’s pivot from Bitcoin mining gained momentum following its March validator launch.
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Bitmine Immersion Technologies generated $45.7 million in revenue from Ethereum staking and validation in the last quarter, which accounted for 98% of its total revenue for the three months ending May 31. This significant income follows the March launch of Bitmine’s institutional-grade Ethereum staking platform, MAVAN (Made in America Validator Network). The company staked approximately 85% of its Ether holdings, around 4.9 million ETH, aiming to fully leverage this asset with an annualized reward projection of $284 million once fully staked by MAVAN and its partners.
This shift toward Ethereum staking marks a major change from Bitmine’s previous focus on Bitcoin mining. A year earlier, Bitmine’s total quarterly revenue was just $2 million, primarily earned through machine leasing. The launch of MAVAN, which also services institutional clients and ecosystem partners, played a central role in this pivot. MAVAN came after Bitmine acquired Pier Two Holdings, an Australian non-custodial validator operator, expanding Bitmine’s staking infrastructure beyond its own treasury to external investors.
In addition to staking, Bitmine highlighted the success of Robinhood Chain, a recently launched decentralized exchange (DEX) on July 1 that has recorded over $1 billion in trading volume. According to Bitmine chairman Tom Lee, Robinhood Chain has outperformed other DEXs in volume by leveraging Ethereum as its native gas token and settlement layer, helping mainstream users view ETH as a form of money. The integration of Robinhood Chain with Ethereum’s network and its 27 million users reinforces Ethereum’s growing role as a financial and transactional hub.
Overall, Bitmine’s results illustrate the rising prominence of Ethereum staking as a lucrative revenue stream within the crypto industry and confirm the strategic value of infrastructure that supports institutional participation. The company’s pivot away from Bitcoin mining toward Ethereum validation not only diversifies its business model but also aligns it with growing trends in crypto staking and decentralized finance, signaling potential for continued growth in these areas.