Bitmine raises $45.7 million via Ethereum staking in one quarter

Bitmine Immersion Technologies has posted impressive figures in its latest quarterly report. The company raised no less than $45.7 million through Ethereum staking and validation, accounting for 98% of total revenue for the quarter ending 31 May 2026. A year earlier, revenue stood at just $2 million, primarily from machine leasing.

Ethereum is available at OKX and Bybit.

MAVAN drives Bitmine’s enormous growth

The spectacular revenue growth is largely thanks to the institutional staking platform MAVAN, which Bitmine launched in March. Through this platform, the company is currently staking approximately 4.9 million ETH, equivalent to 85% of its total ETH holdings. Bitmine previously built up a substantial Ethereum position by making large-scale purchases.

Chairman Tom Lee indicated that annualised staking revenues are expected to reach $284 million once all ETH is fully staked via MAVAN and its associated partners. That is an ambitious target the company is clearly approaching step by step.

Ethereum price benefits from the enthusiasm

The news of Bitmine’s strong performance comes at a favourable time for Ethereum. The Ethereum price currently stands at $1.878,38, up 4.6% over the past 24 hours. Ethereum recently showed a strong recovery following better-than-expected CPI data, and the growing institutional interest through platforms such as MAVAN is giving the market extra confidence.

The 10-Q filing Bitmine submitted to the SEC makes the figures official and transparent. The contrast with a year ago is enormous: from $2 million in machine leasing to $45.7 million purely from staking. That demonstrates how quickly the company has shifted its strategy towards Ethereum as the core of its business model.