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Wu Says Learned from Bitmine’s latest 10-Q filing that in the quarter ended May 31, Bitmine Immersion Technologies recorded $45.7 million in ETH staking and validation revenue, accounting for 98% of the company’s total revenue. In the same period, its own-mined Bitcoin revenue was $624k, and consulting service revenue was $168k. In the same period a year earlier, Bitmine’s total revenue was only $2 million, mainly from machine rentals. Bitmine said its institutional-grade Ethereum staking platform MAVAN launched in March, and has already staked about 4.9 million ETH, representing roughly 85% of its ETH holdings. Chairman Tom Lee said that once Bitmine’s ETH completes all staking via MAVAN and its staking partners, the annualized ETH staking yield is expected to reach $284 million.