Bitmine's Ethereum staking revenue reached $45.7 million in the last quarter, accounting for 98% of total revenue

According to the latest 10-Q document submitted by Bitmine Immersion Technologies, as of May 31, the company achieved revenue of about US$45.7 million through the Ethereum staking and verification business, accounting for about 98% of total revenue.

In the same period, the company's Bitcoin self-operated mining revenue was approximately US$62.4 million, and the consulting business revenue was approximately US$16.8 million. Bitmine previously stated that it has now pledged around 85% of its ETH holdings, or about 4.9 million ETH.

Bitmine Chairman Tom Lee said that with MAVAN, its institutional-grade Ethereum staking platform, fully put into operation, the company expects the annual rewards for the Ethereum staking business to reach approximately $284 million. Additionally, he said that since its launch on July 1, Robinhood Chain's on-chain transaction volume has surpassed $1 billion, and believes it validates the utility of Ethereum as an underlying settlement network.

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