Bitmine Immersion Technologies reported $45.7 million in revenue from its Ether staking and validator business in the most recent quarter. This reflects a major change in the company’s business model following the introduction of the institutional Ethereum staking platform in March.
Staking dominates revenue stream
Staking activity accounted for approximately 98% of Bitmine’s total revenue for the three months ended May 31, according to the company’s latest 10th quarter report. In contrast, self-mining Bitcoin operations generated $624,000 and consulting services added $168,000.
Bitmine announced that it has allocated 85% of its Ether holdings (approximately 4.9 million shares). $ETH— for staking. Chairman Tom Lee said this was the largest amount. $ETH The bet is placed by a single company around the world.
Bitmine annual forecast $ETH Once both the company and its partners’ Ether are fully staked through MAVAN and affiliated staking operations, staking rewards will reach full scale of $284 million.
A year ago, Bitmine’s quarterly revenue totaled $2 million, primarily driven by equipment leases, highlighting how the company’s focus on Ethereum staking has changed its revenue structure.
Launching and expanding the MAVAN platform
The launch of MAVAN in March marked a new phase for Bitmine. MAVAN, an institutional Ethereum staking service, manages validator infrastructure on behalf of Bitmine and external customers. The platform emerged after Bitmine acquired Pier Two Holdings, an Australian operator specializing in non-custodial validator services.
MAVAN was originally developed to support Bitmine’s own Ethereum treasury, but 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-level Ethereum staking, supporting both Bitmine assets and third-party clients.
Robinhood Chain Drives Ethereum Growth
Bitmine Chairman Tom Lee also pointed to the rapid success of Robinhood Chain, a new decentralized trading platform launched on July 1, and reported that Robinhood Chain’s dollar trading volume has already exceeded $1 billion.
According to Lee, Robinhood Chain currently processes more trading volume than any other decentralized exchange, underscoring both its importance and the usefulness of Ethereum as the underlying blockchain.
Leverage Robinhood Chain $ETH As the native Gas token, it introduces 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 currently pay trading fees. $ETHsignals a move towards mainstream viewing. $ETH as a form of money within the platform ecosystem.
