Bitmine's ETH Staking Revenue Reached $45.7 Million Last Quarter, Accounting for 98% of Total Revenue

According to a report by Cointelegraph on July 15, as cited by Jinse Finance, Bitmine's latest 10-Q filing revealed that the company generated $45.7 million in ETH staking and validation revenue during the quarter ending May 31, accounting for 98% of its total revenue. A year ago, Bitmine's total revenue for the same period was only $2 million, primarily derived from machine rentals. In March, Bitmine launched its institutional-grade Ethereum staking platform, MAVAN, and has staked 85% of its ETH holdings (approximately 4.9 million ETH). Chairman Tom Lee stated that once ETH is fully staked through MAVAN and its staking partners, the expected annualized staking yield would be $284 million. Tom Lee also noted that since Robinhood Chain went live on July 1, its transaction volume has exceeded $1 billion. The chain uses ETH as its native gas token, with transaction fees denominated in ETH and settled on the Ethereum network. Robinhood's 27 million users are beginning to view ETH as "currency."