Bitmine Immersion Technologies (NYSE American: BMNR) launched MAVAN (Made in America Validator Network) on Wednesday, instantly becoming the world's largest ethereum staking platform.
Launch Scale and Yields
MAVAN launched with 3,142,643 ETH staked, valued at approximately $6.8 billion based on ETH's price of $2,148 as of March 24, 2026. Bitmine added 101,776 ETH (about $219 million) in the week before launch and plans to migrate nearly all remaining unstaked ETH to the network in the coming weeks. With a recent seven-day yield of 2.83%, Bitmine projects MAVAN will generate close to $300 million in annualized staking rewards, turning it into a significant revenue engine.
Infrastructure and Compliance
MAVAN runs on U.S.-based validator nodes for institutions requiring domestic infrastructure, combined with a globally distributed architecture for resilience and performance. This design meets compliance requirements without sacrificing speed or uptime.
Opening to Institutional Clients
Bitmine disclosed it is opening MAVAN to institutional clients beyond its own treasury. Custodians, exchanges, and ecosystem partners can stake ETH directly on the network or white-label the service. The company is now accepting inquiries.
Strategic Vision and Tom Lee's Remarks
The launch is the fourth pillar of Bitmine's strategy to accumulate about 5% of the total ETH supply, dubbed "the alchemy of 5%." Chairman Tom Lee of Fundstrat said MAVAN marks a critical step toward building a leading staking and on-chain infrastructure platform globally, with planned expansion to additional proof-of-stake networks, on-chain vaults, and post-quantum client capabilities through 2026.
Backers and Future Plans
Institutional backers include Ark Invest, Founders Fund, Pantera Capital, Galaxy Digital, DCG, Kraken, and Bill Miller III. Bitmine filed an 8-K with the SEC on March 25, 2026. MAVAN is designed to go beyond Ethereum, with explicit plans to onboard more proof-of-stake chains and broader blockchain infrastructure services over time.
Bitmine started as a U.S.-based bitcoin miner and pivoted to ether accumulation as its core strategy. MAVAN converts its holdings into a recurring-revenue infrastructure business while participating in network security. Forward-looking statements involve risks including yield variability, client adoption, regulation, and crypto market conditions, as detailed in its 10-K filed November 21, 2025.