BitMine Launches Institutional Ethereum Staking Platform MAVAN with $300M Reward Target
BitMine Immersion Technologies has launched MAVAN, an institutional Ethereum staking platform. The company is putting its large Ethereum treasury to work generating yield by transferring nearly all of its remaining unstaked holdings to the platform over the coming weeks.
MAVAN stands for Made in America Validator Network, and BitMine originally developed the infrastructure to manage its own staking operations. Now, it's open to external institutional clients, custodians, and exchanges seeking US-based infrastructure for domestic Ethereum validation.
As of March 24, BitMine held 3,142,643 staked Ethereum, valued at approximately $6.8 billion, at around $2,148 per token. The company said it transferred 101,776 Ethereum worth $219 million to MAVAN in the past week alone.
Once the full treasury is migrated to MAVAN, BitMine projects annual staking rewards of approximately $300 million, based on a seven-day average yield of 2.83%. Chairman Tom Lee, co-founder of research firm Fundstrat, said that because BitMine is the largest corporate holder of Ethereum in the world, MAVAN would quickly become the largest Ethereum staking platform globally after launch.