Bitmine Immersion Technologies has officially launched MAVAN, short for Made in America VAlidator Network, as its proprietary institutional-grade Ethereum staking platform. The company, listed as BMNR, said the product is built around long-term crypto accumulation and is initially tied to its own Ethereum treasury operations.
In the March 25 announcement, Bitmine said MAVAN is designed for institutions seeking Ethereum staking infrastructure with an emphasis on security, performance, and resilience. The platform uses U.S.-based infrastructure for clients that require domestic validation, while also maintaining a globally distributed architecture for broader client support. Bitmine said the system was first developed for internal treasury use and is intended to expand to institutional investors, custodians, and ecosystem partners.
Bitmine reports more than 3.14 million ETH staked
According to the company, total staked ETH reached 3,142,643 ETH as of 5:00 PM ET on March 24, 2026. Using Coinbase pricing of $2,148 per ETH, Bitmine valued that position at roughly $6.8 billion. The company also stated that it has staked more ETH than any other entity globally.
Bitmine said it staked an additional 101,776 ETH over the past week to MAVAN, equal to about $219 million based on the same reference price. It plans to keep adding scale in the coming weeks and aims to stake nearly all of its remaining unstaked ETH through the platform.
Company outlines projected staking rewards
Chairman Tom Lee said MAVAN is a key step in Bitmine’s plan to build a leading staking and on-chain infrastructure business. He also said that once Bitmine’s ETH is fully routed through MAVAN, the platform will become the largest Ethereum staking platform in the world. The release estimated that, with all of Bitmine’s ETH staked through MAVAN in the coming weeks, staking rewards would be close to $300 million annually, based on a 2.83% 7-day BMNR yield.
The company added that it plans to extend MAVAN to additional proof-of-stake networks over time and continue work in areas including on-chain vaults and post-quantum client development through 2026. Those items were presented in the release as forward-looking statements and remain subject to execution and market risks.
Investor backing and treasury strategy
Bitmine said it continues to be supported by institutional investors including ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and personal investor Thomas “Tom” Lee. The company linked that support to its stated goal of acquiring 5% of ETH.
Bitmine describes itself as a U.S.-based Bitcoin miner that is deploying excess capital toward becoming an Ethereum treasury company. In its materials, the company said ETH is its primary treasury reserve asset, and that it intends to use protocol-level activities such as staking and DeFi as part of that strategy.