Bitmine generated $45.7M from Ethereum staking in Q1, with its MAVAN platform now staking 4.9M ETH and projected to reach $284M annualized revenue.
DeFi & Yields ·
Bitmine Immersion Technologies' Ethereum staking operations generated $45.7 million in revenue during the quarter ended May 31, comprising 98% of the company's total earnings https://wublockchain.xyz/news/news-19957. This marks a sharp shift from the prior year, when the company earned $2 million mainly through machine leasing. The institutional platform MAVAN, which launched in March, now secures approximately 4.9 million ETH—equivalent to 85% of Bitmine's holdings https://www.theblock.co/post/408400/bitmine-eth-staking-generated-45-7-million-accounting-98-of-quarterly-revenue.
Chairman Tom Lee has projected annualized staking rewards of $284 million once Bitmine and its partners fully deploy their ETH through MAVAN. The figures reveal how rapidly Bitmine has pivoted its business model toward Ethereum validation services, though the path to realizing the full $284 million projection depends on achieving complete ETH participation across the platform and partner networks.