Bitmine Immersion Technologies launched MAVAN, its proprietary Ethereum (ETH) validator network, on Wednesday, putting 3.14 million staked ETH - valued at roughly $6.8 billion - behind a platform it intends to open to institutional clients.
The company projects annual staking rewards of approximately $300 million once all holdings are fully deployed, using a trailing seven-day yield of 2.83%. Bitmine holds roughly 4.66 million ETH in total - about 3.86% of the token's circulating supply.
MAVAN, an abbreviation for Made in America VAlidator Network, was originally built to manage Bitmine's own treasury.
The company added 101,776 ETH worth roughly $219 million to MAVAN in the week prior to launch and said it plans to stake nearly all remaining unstaked holdings over the coming weeks.
Chairman Tom Lee said the platform will expand to additional proof-of-stake networks and on-chain infrastructure including vaults and post-quantum client development through 2026.
A Major ETH Stake, With Context
Bitmine's 3.14 million staked ETH is a substantial position by any measure.
It exceeds Coinbase's estimated 1.84 million ETH managed for third-party clients, according to data compiled from Dune Analytics.
However, the PR claim that MAVAN will be "the largest Ethereum staking service provider globally" requires qualification: Lido, the dominant liquid staking protocol, holds more than 8.7 million ETH in its staking contracts, and Binance manages approximately 3.3 million ETH for its users.
The key distinction is that Bitmine is staking its own treasury assets, not pooled client funds.
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Institutional Pitch and Investor Backing
Bitmine intends to open MAVAN to institutional investors, custodians, and exchanges as a fee-generating service.
The company said its backers include ARK Invest's Cathie Wood, Founders Fund, Pantera Capital, Kraken, DCG, Galaxy Digital, and Bill Miller III, along with personal investor Tom Lee - all cited as supportive of the company's goal of accumulating 5% of Ethereum's total supply.
Bitmine's ETH treasury ranks second globally among all corporate treasuries, behind only Strategy, which holds 761,068 Bitcoin (BTC).
The company's total assets - cryptocurrency, cash, and equity stakes including a $200 million position in Beast Industries - totaled approximately $11 billion as of March 22.
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