Bitmine's Ethereum staking revenue reached $45.7 million last quarter, accounting for 98% of its total revenue.

Bitmine Immersion Technologies’ latest 10-Q filing shows that for the quarter ended May 31, the company generated approximately $45.7 million in revenue from Ethereum staking and validation services, accounting for around 98% of its total revenue. In the same period, its self-mining revenue from Bitcoin came to about $624,000, while consulting services revenue was roughly $168,000. Bitmine previously disclosed that it has allocated roughly 85% of its ETH holdings to staking, equivalent to around 4.9 million ETH. Tom Lee, chairman of Bitmine, stated that with the full launch of MAVAN—its institutional-grade Ethereum staking platform—the company expects annualized rewards from its Ethereum staking business to reach approximately $284 million. Additionally, he noted that since its launch on July 1, Robinhood Chain has recorded over $1 billion in on-chain transaction volume, adding that this validates Ethereum’s utility as an underlying settlement network.