Bitmine Immersion Technologies posted $45.7 million in Ethereum staking and validation revenue for the three months ended May 31, 2026, according to the company’s latest 10-Q filing with the SEC. The figure places staking at 98% of total quarterly revenue, dwarfing the $624,000 generated from self-mining Bitcoin and the $168,000 earned from consulting services.
A Radical Revenue Shift in Twelve Months
One year earlier, Bitmine recorded just $2 million in total revenue for the equivalent quarter, primarily from machine leasing. The transformation follows the company’s deliberate pivot away from Bitcoin mining and toward building a large-scale Ethereum treasury and validator operation.
On Monday, Bitmine disclosed that it had staked 85% of its ETH holdings, equivalent to approximately 4.9 million Ether.
The scale of the shift also concentrates the risk. With 98% of revenue now derived from a single activity, Bitmine’s earnings are tied almost entirely to Ethereum staking yields and the price of ETH, leaving little to cushion a downturn in either.
MAVAN Platform Underpins the Revenue Engine
The staking income flows directly through MAVAN, short for ‘Made in America VAlidator Network,’ an institutional-grade Ethereum staking platform launched in March 2026. MAVAN was built after Bitmine acquired Pier Two Holdings, an Australia-based non-custodial validator operator. Originally designed to manage Bitmine’s own Ethereum treasury, its mandate was later expanded to serve institutional investors, custodians and ecosystem partners.
Tom Lee, chairman of Bitmine, projected the upside of full deployment: ‘Bitmine has staked more ETH than other entities in the world. 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.’
That figure is a forward projection from Bitmine’s own chairman rather than a reported result, and it assumes full deployment the company has not yet reached.
Lee Points to Robinhood Chain as Proof of ETH Utility
Lee also highlighted the newly launched Robinhood Chain as further evidence that Ethereum’s network utility is expanding. Dollar trading volumes on Robinhood Chain have exceeded $1 billion since the platform went live on July 1, 2026, and Lee claimed it now processes more volume than any other decentralized exchange.
‘Robinhood’s 27 million users are paying crypto fees denominated in ETH,’ Lee said. ‘In other words, everyday users are starting to see ETH as money.’
Lee’s assessment carries an obvious interest: Bitmine’s revenue and treasury are built on Ethereum, and a stronger case for ETH utility supports both.
The quarterly results mark one of the clearest financial demonstrations yet of what a corporate Ethereum staking strategy can generate at scale, with Bitmine’s revenue base now almost entirely detached from its original Bitcoin mining roots.
