Bitmine Immersion Technologies' shift toward Ethereum staking became its dominant source of revenue during the quarter ended May 31, with staking and validation services contributing $45.7 million, or 98% of total revenue.
The company reported $46.5 million in total revenue for the quarter, up from $2.05 million a year earlier, according to a 10-Q filing with the U.S. Securities and Exchange Commission on Tuesday.
The prior-year quarter was driven primarily by machine leasing and bitcoin mining before the company expanded into institutional Ethereum (ETH) staking through its March acquisition of Australian validator operator Pier Two and the launch of its MAVAN platform.
MAVAN, short for Made in America Validator Network, provides institutional Ethereum staking infrastructure for custodians, investors, and other ecosystem participants. Chairman Tom Lee said earlier this week that annualized staking rewards are projected to reach $284 million once all of Bitmine's ETH is staked through MAVAN and its partners.
Meanwhile, staking and validation accounted for nearly all quarterly revenue. Self-mining generated $624,000, while consulting contributed $168,000. The company reported no revenue from leasing or mining equipment sales after those businesses were wound down.
