The Great Pivot: Bitmine Nets $46M from Ethereum Staking, Leaving Bitcoin Mining Behind
Bitmine Immersion Technologies has executed a massive strategic pivot, generating $45.7 million in revenue from Ethereum staking and validation last quarter. Following the March launch of its institutional-grade platform, staking revenue skyrocketed to account for 98% of the company's total earnings, dwarfing its Bitcoin mining operations.
With 85% of its ETH holdings—roughly 4.9 million Ether—already staked, Bitmine is positioning itself as a global leader in the Proof-of-Stake landscape. The company projects an annualized staking reward of $284 million as it scales through MAVAN and its strategic partners, marking a significant shift in institutional crypto revenue models.
On Monday, Bitmine announced it had staked 85% of its ETH holdings, equating to approximately 4.9 million Ether (ETH). “Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $284 million on an annualized basis,” said Tom Lee, chairman of Bitmine.
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