Bitmine reports $46.5M revenue driven by Ethereum staking

Bitmine Immersion Technologies reported a dramatic surge in quarterly revenue, driven almost entirely by its pivot to Ethereum staking, according to financial results for the period ending May 31. The company generated $46.5 million in total revenue, a more than 2,200% increase from approximately $2 million in the same quarter a year prior. Staking and validation services accounted for $45.7 million, or 98% of the total, while Bitcoin mining contributed $624,000.

The results underscore a complete strategic transformation for the firm, which now controls 5.77 million Ethereum tokens, valued at roughly $10.5 billion. This represents approximately 4.8% of Ethereum's circulating supply, establishing Bitmine as the world's largest corporate holder of the cryptocurrency. The company has staked 4.9 million of those tokens, or 85% of its holdings, through its institutional staking platform, MAVAN.

Company Chairman Tom Lee emphasized the scale of the operation, stating Bitmine has staked a larger quantity of Ethereum than any other organization globally. He projected that annualized staking revenue could approach $284 million once the company's entire Ethereum treasury is fully deployed....