Led by renowned Wall Street analyst Tom Lee, Bitmine Immersion Technologies announced on Wednesday the official launch of its institutional-grade Ethereum staking platform, “MAVAN,” aiming to leverage approximately 4.66 million ETH held by the company to earn staking rewards.
MAVAN stands for “Made in America Validator Network.” Originally built to meet Bitmine’s own staking needs, the platform is now open to external clients, including institutional investors, digital asset custodians, and cryptocurrency exchanges. For U.S. customers, MAVAN will offer localized and compliant validation infrastructure; for international markets, a globally distributed node architecture has been established to meet the needs of global clients.
Bitmine Chairman Tom Lee stated in a release that MAVAN is a significant milestone in the company’s development of a global blockchain infrastructure platform. He noted:
“As the largest holder of ETH worldwide, MAVAN will soon become the largest Ethereum staking platform after its launch. We plan to expand gradually into more proof-of-stake networks and blockchain infrastructure, and actively develop frontier areas such as on-chain vaults and post-quantum client development.”
As of March 24, Bitmine has staked 3.14 million ETH, worth approximately $6.6 billion, accounting for about 67% of its total holdings; over the past week, 101,776 ETH valued at around $219 million have been transferred to the MAVAN platform for staking.
Bitmine stated that all unstaked ETH will be transferred to the platform within a few weeks. Once the migration is complete, based on the current 7-day average annualized yield of 2.83%, the platform could generate nearly $300 million in staking rewards annually.
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