Bitmine’s previous-quarter staking rewards were $45.7 million, with Ethereum officially replacing mining as its main source of revenue

Bitmine released its quarterly report through the end of May: Ethereum staking revenue accounts for 98% of total revenue. Tom Lee estimates that after full staking is completed, annual returns could reach $284 million. Robinhood Chain launched less than half a month ago, and its trading volume has already surpassed $1 billion.
(Background recap: BitMine released its 2025 annual report: net profit for the full year was $328 million, annual dividend was $0.01. Next year Q1 will launch its Ethereum staking platform MAVAN)
(Additional background: BitMine adds more positions! It holds 5.7 million ETH worth $8.9 billion, and annual staking returns exceed $200 million.)

Table of contents

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• First performance snapshot after MAVAN platform launch
• Tom Lee: annual revenue could reach $284 million
• Transition from a mining company to Ethereum infrastructure

Ethereum staking has officially become Bitmine’s lifeline. According to the SEC 10-Q quarterly filing, in the second quarter ended May 31, 2026, Bitmine Immersion Technologies earned $45.7 million from staking and verification nodes using Ether (ETH), accounting for 98% of total revenue.

By contrast, Bitcoin mining contributed only $624k, and consulting services contributed $168k. In the same period a year earlier (end of May 2025), Bitmine’s quarterly revenue was only $2 million, mainly from mining rig leasing.

First performance snapshot after MAVAN platform launch

At the core of this shift is MAVAN, the institutional-grade Ethereum staking platform launched in March, full name: “Made in America VAlidator Network.”

MAVAN traces back to Bitmine’s acquisition of Pier Two Holdings, an Australian non-custodial verification operator. Initially, it served only Bitmine’s own Ethereum treasury, and later expanded to institutional investors, custodians, and ecosystem partners.

According to Bitmine’s Monday announcement, the company has staked 85% of its ETH holdings, about 4.9 million ETH.

Tom Lee: annual revenue could reach $284 million

Bitmine Chairman Tom Lee said:

“The amount of ETH staked by Bitmine is more than any other entity in the world. After scaling (when Bitmine’s ETH is fully staked by MAVAN and its partners), the annualized Ethereum staking rewards will be $284 million.”

Lee also expressed optimism about the newly launched Robinhood Chain, calling it a “breakthrough success.” The chain went live on July 1, and in less than half a month, its trading volume has already exceeded $1 billion.

“Robinhood has 27 million users paying crypto fees denominated in ETH. In other words, ordinary users are starting to view ETH as money.”

Transition from mining company to Ethereum infrastructure

Bitmine’s transformation trajectory is clear:

• End of 2025: net profit for the full year was $328 million; announced Q1 launch of the MAVAN staking platform
• March 2026: MAVAN goes live; meanwhile Bitmine continues to add to its ETH holdings
• End of May 2026: the share of staking revenue surges to 98%, while mining moves into the background
• July 2026: Robinhood Chain goes live; trading volume surpasses $1 billion in 10 days

Bitmine currently holds a total of about 5.77 million ETH (including $11.3 billion in cash and crypto assets), making it one of the largest institutional Ethereum holders in the market. With MAVAN maturing and Robinhood Chain scaling up, Ethereum staking has officially upgraded from a “treasury strategy” to Bitmine’s business model.