Bitmine’s Ethereum Staking Fuels $46M Revenue as MAVAN Scales

Bitmine generated about $45.7 million in revenue last quarter, with Ethereum staking and validation driving roughly 98% of total income. This surge follows Bitmine’s pivot from Bitcoin mining after launching its March validator program. In its latest 10-Q filing, Bitmine reported $624,000 from self-mining Bitcoin (BTC) and $168,000 from consulting services during the three months ended May 31. The company said it has staked 85% of its ETH holdings, equivalent to around 4.9 million ETH. Bitmine’s chairman Tom Lee stated that when Bitmine’s ETH is fully staked via MAVAN and staking partners, the projected annualized ETH staking reward could reach $284 million. The results highlight MAVAN (“Made in America VAlidator Network”), Bitmine’s institutional-grade Ethereum staking platform. MAVAN uses validator infrastructure for Bitmine’s holdings and external clients after Bitmine acquired Australia-based non-custodial validator operator Pier Two Holdings. The platform initially supported Bitmine’s own Ethereum treasury, then expanded to serve institutions, custodians, and ecosystem partners. Separately, Tom Lee called Robinhood Chain a “breakaway success,” noting that dollar volumes have exceeded $1 billion since its July 1 launch. He said Robinhood Chain uses ETH as the native gas token and that fees are denominated in ETH with finality settled on Ethereum—an example of growing ETH usage as a settlement asset.