BitMine Quarterly Revenue Surges 22-Fold to $45.7 Million on Ethereum Staking

BitMine Immersion Technologies overhauled its quarterly revenue mix by scaling up its Ethereum staking business.

Cointelegraph reported on July 14 that BitMine generated $45.7 million in revenue from Ethereum staking and validator services in the quarter ended May 31. That made up 98% of total quarterly revenue, dwarfing $624,000 from Bitcoin mining and $168,000 from consulting. Total revenue was up more than 22-fold from $2 million in the same quarter a year earlier.

BitMine has committed 85% of its Ethereum holdings to staking, with about 4.9 million ETH currently staked. Tom Lee, chairman of BitMine's board, said the company is staking more Ethereum than any other institution in the world. At full deployment, annual staking rewards are projected to reach $284 million, he added.

The quarter's performance was driven by MAVAN, BitMine's institutional Ethereum staking platform launched in March. MAVAN stands for Made in America VAlidator Network. The platform was introduced following the company's acquisition of Pier Two Holdings, an Australian non-custodial validator operator. It was initially built to manage BitMine's own Ethereum assets, then expanded to serve institutional investors, custodians and ecosystem partners.

Lee also highlighted the performance of Robinhood Chain. Since its July 1 launch, the chain has recorded more than $1 billion in dollar-based trading volume and now exceeds every decentralized exchange in volume, he said. Robinhood's 27 million users paying fees in Ethereum shows retail users are beginning to view Ethereum as an actual currency, Lee added.