Ethereum

America

Robinhood

Bitmine Immersion Technologies recorded $45.7 million in revenue from Ether staking and validation last quarter, following the launch of its institutional-grade Ethereum staking platform in March.&nbsp;
Staking revenue accounted for 98% of total revenue for the three months ended May 31, far outpacing the $624,000 from self-mining Bitcoin (BTC) and the $168,000 from consulting services, according to Bitmine’s <a href="https://www.sec.gov/Archives/edgar/data/1829311/000162828026048157/bmnr-20260531.htm" rel="noopener noreferrer nofollow">latest</a> 10-Q filing. On Monday, Bitmine <a href="https://www.prnewswire.com/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-5-77-million-tokens-and-total-crypto-and-total-cash-holdings-of-11-3-billion-302823523.html" rel="noopener noreferrer nofollow">said</a> it had staked 85% of its ETH holdings, or about 4.9 million Ether (ETH).&nbsp;
“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,” said Tom Lee, chairman of Bitmine.&nbsp;
The latest quarterly results show how <a href="https://cointelegraph.com/news/bitmine-lifts-ethereum-holdings-to-57m-as-it-joins-russell-1000" rel="noopener noreferrer nofollow">Bitmine’s pivot</a> to Ethereum has reshaped its revenue mix. A year ago, Bitmine recorded just $2 million in total revenue for the quarter ended May 31, 2025, primarily from machine leasing.&nbsp;
The results also reflect <a href="https://cointelegraph.com/news/bitmine-launches-mavan-an-institutional-ethereum-staking-platform" rel="noopener noreferrer nofollow">the March launch of MAVAN</a>, an institutional-grade Ethereum staking platform that operates validator infrastructure for its own holdings and external clients.&nbsp;
Related: <a href="https://cointelegraph.com/news/ethereum-institutional-nonprofit-launches-institutional-adoption" rel="noopener noreferrer nofollow">Ethereum backers launch nonprofit to lead institutional adoption efforts</a>&nbsp;
MAVAN, short for “Made in America VAlidator Network,” followed the acquisition of Australia-based non-custodial validator operator Pier Two Holdings. It was originally developed to support Bitmine’s own Ethereum treasury; its scope was expanded to serve institutional investors, custodians and ecosystem partners.&nbsp;&nbsp;
<h2 id="lee-calls-robinhood-chain-a-breakaway-success">Lee calls Robinhood Chain a “breakaway success”</h2>
On Monday, Lee highlighted the success of the newly launched Robinhood Chain, with dollar volumes exceeding $1 billion since its July 1 launch.&nbsp;
“Robinhood Chain now has more trading volume than any other decentralized exchange (DEX), demonstrating the outstanding utility and product market fit for Ethereum, which is the underlying chain,” he said.&nbsp;
“Robinhood Chain uses ETH as the native gas token. And transaction fees are denominated in ETH and the finality is settled on Ethereum. Robinhood’s 27 million users are paying crypto fees denominated in ETH. In other words, everyday users are starting to see ETH as money,” he added.&nbsp;
Magazine: <a href="https://cointelegraph.com/features/from-dot-com-bust-to-bitcoin-king-has-michael-saylor-rewritten-his-legacy" rel="noopener noreferrer nofollow">Strategy became a symbol of the dot-com crash: Could history repeat?</a>

Bitmine generated $46M from Ethereum staking last quarter

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