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Bitmine generated $46M from Ethereum staking last quarter, with staking revenue accounting for 98% of total revenue, driven by its institutional-grade Ethereum
Bitmine Immersion Technologies recorded $45.7 million in revenue from Ether staking and validation last quarter, following the launch of its institutional-grade Ethereum staking platform in March [1]. This move has reshaped the company's revenue mix, with staking revenue accounting for 98% of total revenue for the three months ended May 31, far outpacing the $624,000 from self-mining Bitcoin (BTC) and the $168,000 from consulting services.
| At a glance | |
|---|---|
| Price | $1,750 |
| 24h % move | 6% |
| Key level | 4.8% of Ethereum's circulating supply |
| Catalyst | Launch of institutional-grade Ethereum staking platform and growing optimism about the passage of the Clarity Act |
The launch of Bitmine's institutional-grade Ethereum staking platform in March has been a significant catalyst for the company's revenue growth [1]. The platform, called MAVAN, operates validator infrastructure for its own holdings and external clients, and has enabled Bitmine to stake 85% of its ETH holdings, equating to around 4.9 million Ether ($ETH) [1]. This has resulted in a significant increase in staking revenue, with the company now holding 4.8% of Ethereum's circulating supply [2]. The growing optimism about the passage of the Clarity Act has also contributed to the recent strength in ETH, with prediction markets assigning a 50% probability to the legislation passing [2].
Bitmine's continued buying of Ethereum has contrasted with a shift at Strategy, the largest digital asset treasury and corporate bitcoin holder, which sold about $216 million worth of BTC to raise cash [2]. This has resulted in ether outperforming bitcoin by 6% over the past week, despite a near-continuous downtrend since August [2]. The success of the newly launched Robinhood Chain, with dollar volumes exceeding $1 billion since its July 1 launch, has also demonstrated the outstanding utility and product market fit for Ethereum [1].
| Token Metrics | |
|---|---|
| Circulating Supply | 4.8% held by Bitmine |
| Staked Percentage | 85% of Bitmine's ETH holdings |
| Projected Annual Staking Reward | $284 million |
The significance of Bitmine's earnings from Ethereum staking lies in the company's ability to generate significant revenue from its institutional-grade staking platform, and its growing holdings of Ethereum's circulating supply [1]. As the company continues to expand its staking operations, it will be important to monitor the potential impact on the cryptocurrency market and the company's revenue mix.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Jul 15, 2026 · How we report
BitMine reported $46‑$46.5 million in revenue from Ethereum staking for the quarter ending May 31, 2026.
BitMine holds approximately 5.77 million ETH, which is about 4.8% of the total ETH supply and roughly 11% of all staked ETH.
Ethereum's Layer‑1 fees have fallen to a historic low of roughly $0.09‑$0.10 per transaction.
Network staking yields are averaging between 2.7% and 2.8%.
Lubin argues that low fees, combined with higher activity, staking, and ETH burning, support broader adoption and strengthen Ethereum's long‑term value.