Bitmine Immersion Technologies is rapidly transforming from a Bitcoin miner into an Ethereum-focused infrastructure company, with its latest quarterly results showing that staking has become the core of its business.
For the three months ended May 31, Ethereum staking and validator operations generated $45.7 million in revenue, accounting for nearly 98% of the company’s total income. Meanwhile, Bitcoin self-mining contributed only $624,000, highlighting how little the once-core business now contributes to overall performance.
The dramatic shift comes just months after Bitmine launched MAVAN (Made in America VAlidator Network), an institutional staking platform designed to operate Ethereum validators for both the company and external clients. What began as an internal solution to manage Bitmine’s growing ETH treasury has quickly evolved into a commercial business serving institutional investors and custodians.
Bitmine has also aggressively expanded its Ethereum exposure. The company revealed that around 85% of its ETH holdings, equivalent to approximately 4.9 million Ether, are already staked across its validator network.
Chairman Tom Lee believes the strategy is only beginning to pay off. Once all of the company’s Ether is deployed through MAVAN and its staking partners, Bitmine estimates annual staking rewards could reach $284 million, positioning staking as a long-term revenue engine rather than a supplementary business.
The contrast with last year is striking. During the same quarter in 2025, Bitmine generated only $2 million in revenue, largely from leasing mining equipment. Today, Ethereum infrastructure has effectively replaced both equipment leasing and Bitcoin mining as the company’s primary source of income.
The company’s expansion into staking was accelerated by its acquisition of Australian validator operator Pier Two Holdings, giving Bitmine the technical infrastructure needed to scale validator services for institutional customers.
Lee also pointed to the launch of Robinhood Chain as further evidence that Ethereum’s ecosystem continues to attract major financial platforms. Since its July 1 debut, the network has reportedly processed more than $1 billion in trading volume.
Because Robinhood Chain relies on ETH as its native gas token, every transaction consumes Ether while final settlement occurs on Ethereum. Lee argued that this model introduces millions of Robinhood users to Ethereum’s economic utility, reinforcing its role beyond a speculative asset.
Bitmine’s latest results suggest the company is no longer competing primarily in the increasingly competitive Bitcoin mining industry. Instead, it is positioning itself as an institutional Ethereum infrastructure provider, betting that validator services, staking rewards, and enterprise blockchain adoption will deliver stronger long-term growth than traditional mining operations.
