BitMine Immersion Technologies said it has launched MAVAN, its proprietary Ethereum staking platform, and said the service will become the largest Ethereum staking provider globally at launch.
The company said it had 3,142,643 ETH staked as of 5:00 p.m. ET on March 24, 2026, valuing that position at $6.8 billion using a $2,148 ETH price. BitMine said that amount made it the largest owner of Ethereum in the world and that, once fully staked through MAVAN in the coming weeks, the position could generate nearly $300 million in annual staking rewards, based on a 2.83% 7-day BMNR yield.
BitMine also said it staked 101,776 ETH in the past week, equal to about $219 million, and plans to continue adding scale over the coming weeks with the goal of staking nearly all of its remaining unstaked ETH.
The company said MAVAN was originally developed to support BitMine’s own Ethereum treasury and is now being expanded to serve institutions, custodians, exchanges and ecosystem partners. BitMine said the platform is built on U.S.-based infrastructure for domestic validation and a globally distributed architecture for clients worldwide.
BitMine said it remains backed by a group of institutional investors that includes Ark’s Cathie Wood, Mozayyx, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and Thomas “Tom” Lee. The company said its broader objective is to acquire 5% of ETH.
Tom Lee, BitMine’s chairman, said the company plans to expand across additional proof-of-stake networks and blockchain infrastructure over time, including on-chain vaults and post-quantum client development in 2026. As a result of these announcements, the company's shares have moved 0.94% on the market, and are now trading at a price of $31.16. For more information, read the company's full 8-K submission here.
