Bitmine Immersion Technologies posted $45.7 million in revenue from Ether staking and validation for the quarter ended May 31, 2026 - and that figure accounted for 98% of its total quarterly revenue. The remainder was negligible: just $624,000 from Bitcoin self-mining and $168,000 from consulting services.
A year-over-year comparison highlights the dramatic leap. In the quarter ended May 31, 2025, Bitmine’s total revenue was just $2 million, mostly from machine leasing. Within a year, the company made a complete pivot from a Bitcoin miner into one of the largest Ethereum staking players.
MAVAN and an All-In Bet on Ethereum
That revenue engine is named MAVAN, short for “Made in America VAlidator Network,” launched in March 2026 following the acquisition of Australia-based Pier Two Holdings. The platform operates validator infrastructure for both Bitmine’s proprietary ETH holdings and institutional clients.
On Monday, July 13, 2026, Bitmine announced it had staked 85% of its ETH holdings, equivalent to around 4.9 million ETH. “Bitmine has staked more ETH than other entities in the world,” said Bitmine Chairman Tom Lee. He projected, “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.”
Continuing to Buy, Even Beyond Staking
Bitmine’s ETH accumulation hasn’t stopped at staking activities. Data from the X account @lookonchain on July 14, 2026, indicated that Bitmine bought another 6,000 ETH worth $11.18 million from FalconX, roughly seven hours before the post was published.
Tom Lee also highlighted Robinhood Chain, which uses ETH as its native gas token. Its dollar volume reportedly surpassed $1 billion since launching on July 1, 2026, and according to Lee, has already exceeded that of any DEX. “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 said.
Why the 98% Figure Demands Caution
Bitmine’s story highlights a new dimension of corporate crypto treasuries: no longer just hoarding assets and hoping prices rise, but turning them into an active yield-generating machine. However, having 98% of revenue concentrated in a single source also means the company’s fate is now closely tied to a single variable - Ethereum staking yield. When one stream is so dominant, strength and vulnerability stem from the very same root.
Reported via Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
