Woofun AI reports that Bitmine Immersion Technologies has fundamentally restructured its revenue model, pivoting from hardware leasing to an Ethereum-centric strategy anchored by its MAVAN staking platform and leadership under Tom Lee.

The financial transformation is evident in the latest 10-Q filing, which details $45.7 million in total revenue for the quarter ended May 31. Staking activities generated 98% of this income, dwarfing the $624,000 derived from self-mining Bitcoin (BTC) and the $168,000 from consulting services. This performance stands in stark contrast to the same period last year; for the quarter ended May 31, 2025, the company recorded merely $2 million in revenue, primarily sourced from machine leasing operations.

Woofun AI data shows that the company has staked 85% of its 4.9 million Ether (ETH) holdings, a move that underpins a projected $284 million in annualized rewards. This capacity stems from the March launch of MAVAN, an institutional-grade platform built after acquiring Australia-based non-custodial validator operator Pier Two Holdings. Initially designed to secure Bitmine’s own treasury, the network’s scope was expanded to serve institutional investors, custodians, and ecosystem partners.

Beyond internal metrics, the broader utility of Ethereum is being validated by external adoption, notably on the Robinhood Chain. Since its July 1 launch, the chain has processed over $1 billion in volume, surpassing all other decentralized exchanges (DEX). With ETH serving as the native gas token for transaction fees and finality settled on Ethereum, Robinhood’s 27 million users are increasingly treating the asset as functional currency. This trajectory signals a decisive industry shift toward staking yields and Layer-2 utility over traditional mining.