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Bitmine’s ETH staking revenue in the previous quarter was $45.70 million, accounting for 98% of total revenue
PANews July 15, citing Cointelegraph, reports that, according to Bitmine’s latest submitted 10-Q filing, Bitmine generated $45.7 million in ETH staking and verification revenue in the quarter ended May 31, accounting for 98% of the company’s total revenue. A year earlier, Bitmine’s total revenue for the same period was only $2 million, mainly from machine leasing. Bitmine launched its institutional-grade Ethereum staking platform MAVAN in March, having staked 85% of its ETH holdings (about 4.9 million ETH). Chairman Tom Lee said that when ETH is fully staked through MAVAN and its staking partners, the expected annualized staking returns are $284 million.
Tom Lee also noted that since Robinhood Chain went live on July 1, its trading volume has exceeded $1 billion. It uses ETH as a native Gas token, denominates trading fees in ETH, and settles them on Ethereum, and Robinhood’s 27 million users are beginning to view ETH as “money.”