Bitmine reported $45.7 million in revenue from Ethereum staking and validation for the quarter ending May 31, representing 98% of its total earnings, according to its latest 10-Q filing. This marks a significant increase from the previous year's $2 million revenue, which was primarily from machine leasing. The surge follows the launch of Bitmine's institutional-grade Ethereum staking platform, MAVAN, in March, with 85% of its ETH holdings, approximately 4.9 million ETH, staked. Chairman Tom Lee highlighted that full staking through MAVAN and its partners could yield an annualized return of $284 million. Additionally, Robinhood Chain, which uses ETH as its native Gas token, has surpassed $1 billion in transaction volume since its July 1 launch, with Robinhood's 27 million users increasingly viewing ETH as a form of currency.