Key facts
- Bitmine Immersion Technologies generated $45.7 million in revenue from Ethereum staking last quarter.
- Ethereum staking accounted for 98% of Bitmine's total revenue for the quarter ended May 31.
- The company also generated $624,000 from Bitcoin mining and $168,000 from consulting services.
- Bitmine has staked 85% of its ETH holdings, equating to approximately 4.9 million Ether.
- The launch of the institutional-grade Ethereum staking platform MAVAN in March marked a significant pivot.
Bitmine Immersion Technologies has reported significant revenue from Ethereum staking, with $45.7 million generated in the last quarter, representing 98% of its total income. This marks a substantial pivot for the company, which launched its institutional-grade Ethereum staking platform, MAVAN, in March.
The company's latest filing shows that Ethereum staking far outpaced revenue from its legacy Bitcoin mining operations, which brought in $624,000, and consulting services, which generated $168,000. Bitmine has staked 85% of its Ether holdings, approximately 4.9 million ETH, with its chairman, Tom Lee, projecting an annualized staking reward of $284 million once fully deployed.
This strategic shift contrasts sharply with the previous year, when Bitmine recorded only $2 million in total revenue for the same period, primarily from machine leasing. The success of MAVAN, which began as an internal platform for Bitmine's own ETH treasury and expanded to serve external clients, is a key driver of this change.
Lee also highlighted the success of the newly launched Robinhood Chain, noting that its dollar volume has surpassed $1 billion since its July 1 launch. He emphasized that Robinhood Chain utilizes ETH as its native gas token, with transaction fees denominated in ETH and finality settled on the Ethereum network, suggesting that everyday users are increasingly viewing ETH as a form of money.