Bitmine Earned $45.7M from Ethereum Staking Last Quarter

Bitmine Immersion Technologies reported $45.7 million in revenue from Ethereum staking for the quarter ended May 31, the company disclosed in its latest 10-Q. Staking accounted for 98% of total revenue for the period.

The 10-Q shows self-mining Bitcoin contributed $624,000 and consulting services brought in $168,000. The filing shows Bitmine had staked about 85% of its Ether holdings, roughly 4.9 million ETH.

The firm launched MAVAN (Made in America Validator Network) in March to operate validator infrastructure for its own Ethereum treasury and for external clients, including custodians and ecosystem partners. MAVAN followed Bitmine’s acquisition of Pier Two Holdings, an Australian non-custodial validator operator.

For the same quarter a year earlier, ended May 31, 2025, Bitmine reported about $2 million in total revenue, mainly from machine leasing.

Tom Lee, Bitmine’s chairman, projected in a statement included with the filing: “At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $284 million on an annualized basis.”

In the filing, Lee noted that dollar trading volumes on Robinhood Chain have exceeded $1 billion since its July 1 launch. The filing adds that the chain uses ETH as its native gas token, with transaction fees denominated in ETH and finality settled on Ethereum.

Staking revenue is generated by operating validators that secure Ethereum and earn protocol rewards. By staking ETH — locking tokens to operate or support validators — Bitmine and its partners receive those rewards and record them as staking income.

The 10-Q shows staking rewards overtook revenue from Bitcoin mining and consulting services in the quarter.