BitMine says Ethereum staking generated 98% of quarterly revenue as total sales hit $45.7 million

Revenue jumps as staking dominates

For the quarter ended May 31, the company reported $45.7 million in revenue from Ethereum staking and validator services, according to a July 14 report cited by Cointelegraph. That accounted for 98% of BitMine’s total quarterly revenue. By comparison, Bitcoin mining contributed $624,000 and consulting brought in $168,000.

Total revenue for the quarter rose more than 22 times from $2 million in the same period a year earlier. The figures indicate that BitMine’s business has been reshaped by the rapid expansion of its Ethereum-focused operations.

MAVAN rollout follows acquisition

The company said the quarter’s performance was driven by MAVAN, its institutional Ethereum staking platform launched in March. MAVAN, short for Made in America Validator Network, was introduced after BitMine acquired Pier Two Holdings, an Australian non-custodial validator operator.

BitMine said the platform was first developed to manage its own Ethereum assets before being widened to serve institutional investors, custodians and ecosystem partners. The acquisition and subsequent launch appear to have accelerated the company’s move into staking services at scale.

Ethereum deployment and reward projections

BitMine has committed 85% of its Ethereum holdings to staking, with about 4.9 million ETH currently staked, the report said. Tom Lee, chairman of BitMine’s board, said the company is staking more Ethereum than any other institution in the world.

Lee also said that annual staking rewards could reach $284 million once the company’s deployment is fully in place. That figure was presented as a projection rather than a reported result.

Lee points to broader Ethereum usage

Separately, Lee cited activity on Robinhood Chain as evidence of wider Ethereum adoption. He said that since the chain’s July 1 launch, it has generated more than $1 billion in dollar-based trading volume and now surpasses every decentralized exchange in volume.

Lee added that Robinhood’s 27 million users paying fees in Ethereum suggests retail users are starting to treat Ethereum as a functional currency. Those remarks were presented as Lee’s view of market behavior rather than independently verified findings in the report.

BitMine’s latest quarter reflects a dramatic change in how the company generates revenue, with Ethereum staking now far outweighing Bitcoin mining and consulting. The results also tie the company’s growth closely to MAVAN’s early expansion following the Pier Two acquisition, while management continues to frame broader Ethereum network activity as a sign of increasing real-world use.