Bitmine Immersion Technologies is rapidly transforming from a Bitcoin mining company into an Ethereum-focused infrastructure provider, with staking now serving as the primary driver of its business.
According to the company’s latest quarterly filing, Bitmine generated $45.7 million from Ethereum staking and validator operations during the three months ended May 31. The figure represented roughly 98% of total quarterly revenue, underscoring how the firm’s strategic shift toward Ethereum has fundamentally changed its business model.
By comparison, Bitcoin self-mining contributed just $624,000 during the quarter, while consulting services added another $168,000. Earlier this week, Bitmine also disclosed that approximately 85% of its Ethereum treasury—around 4.9 million ETH—has already been committed to staking.
The dramatic change highlights how staking income has become a far more meaningful source of recurring revenue than traditional Bitcoin mining. Just one year earlier, Bitmine reported only $2 million in quarterly revenue, with most of that generated through machine leasing rather than blockchain infrastructure services.
The company’s transition accelerated after launching MAVAN in March, an institutional Ethereum staking platform designed to operate validator infrastructure for both Bitmine’s treasury assets and external clients. The platform was built following the acquisition of Australian validator operator Pier Two Holdings, expanding Bitmine’s capabilities beyond self-managed staking into institutional services.
Bitmine Chairman Tom Lee believes the company’s staking operation has reached an industry-leading scale. He said Bitmine currently controls more staked Ether than any other organization, adding that once all ETH holdings are fully deployed through MAVAN and its staking partners, annual staking rewards could reach an estimated $284 million.
Lee also pointed to growing real-world Ethereum adoption as another reason behind the company’s long-term conviction. He described Robinhood Chain as an early success after its July debut, noting that the network has already processed more than $1 billion in trading volume.
According to Lee, Robinhood Chain demonstrates Ethereum’s expanding utility because the network relies on ETH as its native gas asset while settling transactions on Ethereum itself. With millions of Robinhood users paying transaction fees in ETH, he argued that the asset is increasingly functioning as a practical form of digital money rather than simply an investment token.
The latest earnings suggest Bitmine’s future is becoming increasingly tied to Ethereum’s staking economy instead of Bitcoin mining, positioning the company to benefit if institutional demand for validator infrastructure and on-chain financial services continues to expand.
