Tag: Ethereum staking

  • Bitmine’s Ethereum Staking Generates $45.7M, Accounting for 98% of Quarterly Revenue

    Bitmine’s Ethereum Staking Generates $45.7M, Accounting for 98% of Quarterly Revenue

    Bitmine Immersion Technologies has reached a major milestone as Ethereum staking became the company’s largest source of income. According to its latest quarterly report, Ethereum staking and validator services generated $45.7 million in revenue, making up 98% of the total quarterly revenue of $46.5 million.

    Shift from Bitcoin Mining to Staking

    The latest figures show how quickly Bitmine has transformed its business model. Instead of relying mainly on Bitcoin mining, the company now earns almost all of its revenue through Ethereum staking. This change reflects a broader trend across the crypto industry, where more companies view Ethereum staking as a reliable way to earn regular income without depending solely on crypto price swings.

    Legacy Businesses Now Play a Very Small Role

    Bitcoin self-mining brought in only $624,000 during the quarter, while consulting services added another $168,000. Compared to the $45.7 million from Ethereum staking, these businesses now contribute very little. Revenue grew more than 22 times year-over-year, from $2.05 million in the same quarter last year.

    MAVAN Platform Drives Revenue Growth

    The launch of the MAVAN (Made in America Validator Network) platform in March 2026, along with the acquisition of Australian staking infrastructure company Pier Two Holdings, fueled the rapid growth. Pier Two contributed about $3.53 million in staking revenue. MAVAN supports both Bitmine’s own Ethereum holdings and institutional clients’ digital assets.

    Millions of ETH Now Generate Rewards

    As of July 12, 2026, Bitmine held 5.77 million ETH, with 4,917,189 ETH (about 85%) actively staked. These holdings represent about 4.8% of Ethereum’s total circulating supply. Company Chairman Tom Lee said that once the entire Ethereum treasury enters the MAVAN platform, projected annual staking rewards could reach approximately $284 million, based on a recent annual staking yield of roughly 2.70%.

    Ethereum Attracts More Institutional Investors

    Bitmine’s success highlights a broader institutional shift. Ethereum staking provides a steady income while allowing investors to retain ownership of their ETH. Unlike Bitcoin mining, staking does not require large amounts of electricity or expensive hardware. Ethereum’s transition to Proof-of-Stake in 2022 reduced energy consumption by about 99.98%, making it more attractive to environmentally conscious investors.

    Profit Challenges Persist

    Despite record revenue, Bitmine reported a net loss of $83.6 million, largely due to derivative-related expenses, operating costs, and accounting adjustments tied to its expanding crypto treasury. The company also cited risks such as changes in staking rewards, validator performance, network upgrades, regulations, and market volatility.

    Ethereum Staking Continues to Expand

    The Ethereum network now has more than 920,000 active validators. The recent Pectra update allows validators to reinvest staking rewards directly into their validator accounts, improving operational efficiency. As tokenization, decentralized finance, and blockchain infrastructure evolve, Ethereum staking services are likely to grow further.

    Why This Matters

    Bitmine’s transformation shows how Ethereum staking is becoming a major revenue source for crypto companies. The shift underscores growing institutional adoption, more predictable blockchain income, and the industry’s move away from traditional cryptocurrency mining.

    Outlook

    With 98% of total quarterly revenue from staking, 5.77 million ETH under management, and nearly 4.92 million ETH staked, Bitmine is now one of the largest institutional participants in Ethereum’s Proof-of-Stake ecosystem. If current yields hold, annual staking rewards could reach $284 million. Although market risks remain, Bitmine’s pivot illustrates how blockchain companies are increasingly turning to staking as a long-term source of recurring revenue.

  • Bitcoin ETFs See $181M Inflow, US Freezes $130M in Iran-Linked USDT, and BitMine Earns $45.7M from ETH Staking

    Bitcoin ETFs See $181M Inflow, US Freezes $130M in Iran-Linked USDT, and BitMine Earns $45.7M from ETH Staking

    The crypto market witnessed several major developments today, including significant Bitcoin ETF inflows, a US government action against Iran-linked USDT wallets, and BitMine’s massive Ethereum staking revenue.

    Bitcoin ETFs Attract $181 Million in Net Inflows

    According to data from SoSoValue, Bitcoin spot ETFs recorded a total net inflow of $181.08 million yesterday. BlackRock’s IBIT led the charge with a daily net inflow of $138.91 million, bringing its historical cumulative net inflow to $60.24 billion. Fidelity’s FBTC followed with $21.07 million, accumulating a total net inflow of $9.93 billion. The combined net asset value of all Bitcoin spot ETFs now stands at $77.96 billion, representing a 6.02% net asset ratio, while the historical cumulative net inflow has reached $51.03 billion.

    US Freezes $130 Million in Iran-Linked USDT Wallets

    On Tuesday, Treasury Secretary Scott Bessent confirmed that the United States has frozen over $130 million worth of cryptocurrency tied to Iran. The action targeted four Tron wallets holding approximately $131 million in Tether (USDT). Blockchain investigator Specter first identified the wallets on-chain, and Bessent later confirmed their connection to the Central Bank of Iran. In a statement shared on X, Bessent reiterated the Treasury Department’s commitment to preventing Iran from using digital assets to support illicit financial activities.

    FTX Allegations Against Justin Sun

    FTX Trading Ltd. has alleged that Justin Sun moved $10 million in Bitcoin from customer accounts at the Poloniex exchange. The claim was detailed in an adversary proceeding court document published on July 14, 2026. FTX is seeking to recover these funds as part of its ongoing bankruptcy proceedings, highlighting the continued efforts to reclaim assets following the exchange’s collapse. The allegations add another layer to the complex legal landscape surrounding FTX.

    Stablecoin Treasury Platform Velocity Raises $38 Million

    Velocity, a stablecoin treasury platform, has raised $38 million in a Series A funding round co-led by Dragonfly and FirstMark. The company plans to expand its infrastructure, enabling companies and financial institutions to use digital assets for cross-border settlement and treasury operations. The new funds will also focus on expanding its banking and payments network, developing new products, and strengthening global regulatory capabilities. Founded in 2025, Velocity develops software that connects stablecoin networks with banking, custody, compliance, and settlement systems, targeting corporate finance teams, payment providers, fintech firms, and financial institutions.

    BitMine Earns $45.7 Million from ETH Staking

    BitMine Immersion Technologies generated $45.7 million from Ethereum staking and validation during the three months ended May 31. This figure represents 98% of the company’s total quarterly revenue of $46.5 million, according to its latest 10-Q filing with the SEC. A year earlier, BitMine reported total quarterly revenue of just $2.05 million, with machine leasing contributing $1.08 million and Bitcoin self-mining generating $813,000. The latest results underscore the company’s dramatic shift toward Ethereum after building one of the world’s largest corporate ETH treasuries.

    FAQs

    1. How much inflow did Bitcoin spot ETFs record?
    Bitcoin spot ETFs recorded total net inflows of $181.08 million. BlackRock’s IBIT led with $138.91 million, while Fidelity’s FBTC followed with $21.07 million.

    2. What happened to the Iran-linked USDT wallets?
    The United States froze four Tron wallets holding around $131 million in USDT. Treasury Secretary Scott Bessent confirmed the wallets were linked to the Central Bank of Iran.

    3. Why is BitMine’s ETH staking revenue important?
    BitMine generated $45.7 million from Ethereum staking and validation during the quarter, representing 98% of its total quarterly revenue, showing a major shift toward Ethereum.

    4. How much did Velocity raise in funding?
    Velocity raised $38 million in a Series A funding round co-led by Dragonfly and FirstMark to expand stablecoin treasury, payments, and settlement infrastructure.

    5. What did FTX allege against Justin Sun?
    FTX alleged that Justin Sun moved $10 million in Bitcoin from customer accounts at Poloniex, as part of FTX’s ongoing bankruptcy-related recovery efforts.