BitMine Launches MAVAN, Aims for $300M in Annual Ethereum Staking Rewards

BitMine has launched MAVAN, an institutional Ethereum staking platform that will enable external clients to participate in the Made in America Validator Network. The company developed the infrastructure to manage its own staking operations and is now offering access to institutional investors, 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. The company transferred 101,776 Ethereum worth $219 million to MAVAN in the past week alone and plans to migrate nearly all its remaining unstaked holdings to the platform over the coming weeks.

BitMine reported total Ethereum holdings of 4,660,903 tokens as of March 22, representing 3.86% of the entire Ethereum supply. Once the full treasury is migrated to MAVAN, the company 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.