Bitmine Immersion Technologies (BMNR) announced the launch of MAVAN on Wednesday, an institutional-grade Ethereum staking platform designed to generate yield on its $6.8 billion in staked ETH.

The platform, formally named Made in America VAlidator Network, was originally built to support Bitmine’s own staking operations. The company said it now intends to offer the service to institutional investors, custodians, and exchanges seeking U.S.-based infrastructure for domestic validation alongside a globally disributed architecture for international clients.

Bitmine Chair Tom Lee said in a statement that MAVAN represents a critical step in the company’s plan to build one of the leading staking and onchain infrastructure platforms globally.

“Because Bitmine is the largest owner of Ethereum in the world, shortly after launch, MAVAN will be the largest Ethereum staking platform in the world,” Lee said. “We plan to expand across additional proof-of-stake networks and critical blockchain infrastructure over time, and through 2026, we’ll grow our efforts in areas such as onchain vaults, post-quantum client development, and more.”

Bitmine held 3,142,643 staked ETH as of March 24, valued at around $2,148 per ETH. The company said it staked 101,776 ETH worth $219 million to MAVAN in the past week and plans to stake nearly all of its remaining unstaked ETH on the platform in the coming weeks.

Once the treasury is fully migrated, Bitmine projects annual staking rewards of nearly $300 million based on a 2.83% seven-day yield.

The company reported total ETH holdings of 4,660,903 tokens as of March 22, representing 3.86% of the total ETH supply. Bitmine’s staked ETH represents approximately 67% of that total.

Ethereum climbed 1.5% over the past 24 hours to $2,183, according to The Block's ETH price page. It remains down more than 55% from its record high of around $4,900 reached in August 2025.