Bitmine has launched MAVAN, an institutional Ethereum staking platform built around a U.S.-based validator network. The company said 3,142,643 ETH was staked as of March 24, and projected annualized rewards could near $300 million if its full balance is deployed.
Bitmine said its ETH holdings rose to 5,078,386 tokens, equal to 4.21% of Ethereum’s total supply, after buying 101,901 ETH in the latest week.
Bitmine launched MAVAN with over 3.14 million ETH staked ($6.8B), making it the largest Ethereum staking platform globally. Open to institutions, it plans multi-chain expansion.
Bitmine staked an additional 19,200 ETH (~$60.85M), bringing its total staked ETH to 827,008 (~$2.62B). The firm now holds over 4 million ETH, about 3.4% of Ethereum's supply, making it the largest corporate ETH holder. A U.S.-based validator network (MAVAN) is planned for Q1 2026.
Bitmine Immersion Technologies reported that staking and validator services generated $45.7 million in revenue in its latest quarter ended May 31, accounting for 98% of total revenue. The company said total quarterly revenue reached $46.5 million, up sharply from $2.05 million a year earlier, as its business mix shifted away from bitcoin mining and mining machine leasing toward institutional Ethereum staking. The transition followed Bitmine’s acquisition of Ethereum validator node operator Pier Two and the launch of its MAVAN platform, which serves digital asset custodians, institutional investors and other ecosystem participants seeking ETH staking infrastructure. Chairman Tom Lee said earlier this week that if all of the company’s ETH holdings were staked through MAVAN and its partners, annualized staking yield could reach $284 million. Even with the revenue jump, Bitmine posted a net loss of $82.2 million for the quarter, compared with a loss of about $480,000 a year earlier. The company attributed the result mainly to $92.1 million in derivative contract losses and $15.4 million in unrealized losses on digital assets, partly offset by a $16.5 million gain tied to warrant liabilities and $5.3 million in interest income.
Bitmine said it bought an additional 27,801 ETH over the past week and plans to keep the steady accumulation pace it has followed since 2026. As of July 12, the company held 5.77 million ETH in total, with 4.917 million ETH, or about 85% of its holdings, already staked. Using an ETH price of $1,820, Bitmine put the value of that staked position at roughly $9 billion. Based on a 2.70% annual staking yield, the company estimated annualized staking income at about $242 million. If all of its ETH were staked, annualized staking rewards would rise to about $284 million. Bitmine also said it launched MAVAN, short for Made in American Validator Network, as an institutional Ethereum staking platform this year and plans to open it to institutional investors, custodians and ecosystem partners. The company added that it is now the world’s largest ETH treasury holder and ranks second globally by crypto reserve size, behind Strategy, which it said holds 843,775 BTC. Bitmine also pointed to the GENIUS Act and the U.S. Securities and Exchange Commission’s Project Crypto as major drivers of change in digital asset financial infrastructure.
Bitmine said it added 27,801 ETH over the past week and plans to maintain the steady accumulation pace it has followed since the start of 2026, according to PR Newswire. The company said it aims to reach its so-called “Alchemy of 5%” target within the year. As of July 12, Bitmine held 5.77 million ETH, with 4.917 million ETH, or about 85% of its holdings, already staked. Using an ETH price of $1,820, the company valued those holdings at about $9 billion. Bitmine said a 2.70% annual staking yield would translate into roughly $242 million in annualized staking income, while staking its full ETH position would lift annualized rewards to about $284 million. The company also said it launched MAVAN, short for Made in American Validator Network, as an institutional Ethereum staking platform this year and plans to open it to institutional investors, custodians and ecosystem partners. Bitmine added that it is now the world’s largest ETH treasury holder and ranks second globally by crypto reserve size behind Strategy, which it said holds 843,775 BTC.
Bitmine's MAVAN goes live with over 3.14 million ETH staked, worth ~$6.8B, aiming for $300M annualized rewards. Now open to institutional clients.
