Bitmine Immersion Technologies, led by renowned Wall Street analyst Tom Lee, announced on Wednesday the official launch of its institutional-grade Ethereum staking platform, “MAVAN,” aimed at earning staking rewards using approximately 4.66 million Ether held by the company.
MAVAN stands for “Made in America Validator Network.” This platform was initially built for Bitmine’s own staking needs and is now ready to open to external clients, including institutional investors, digital asset custodians, and cryptocurrency exchanges. For U.S. clients, MAVAN will provide localized and compliant validation infrastructure; for overseas markets, a globally distributed node architecture has been established to meet international client needs.
Bitmine Chairman Tom Lee stated in a press release that MAVAN is an important milestone in the company’s development of a global blockchain infrastructure platform. He pointed out:
Since Bitmine is the largest holder of Ether in the world, MAVAN will soon become the largest Ethereum staking platform globally after its launch. In the future, we will gradually expand to more proof-of-stake (PoS) networks and blockchain infrastructures, and we will actively lay out in cutting-edge areas like on-chain treasury and post-quantum client development.
As of March 24, Bitmine has staked 3.14 million Ether (worth $6.6 billion), accounting for approximately 67% of its total holdings; over the past week, 101,776 Ether, worth about $219 million, has been transferred to the MAVAN platform for staking.
Bitmine stated that all un-staked Ether will be transferred to the platform within weeks, and once the migration is complete, based on the current 7-day average annualized yield of 2.83%, it could generate nearly $300 million in staking reward income annually.
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