Bitmine Immersion Technologies, the world’s largest Ethereum treasury firm, has launched its proprietary staking platform called MAVAN. The company aims to challenge Lido’s dominance by staking its entire 4.6 million ETH treasury, valued at billions, to generate an estimated $300 million in annual yield. This aggressive move signals a major shift in the institutional staking landscape.
Bitmine Immersion Technologies has unveiled its new Ethereum staking platform, MAVAN, with the stated goal of becoming the world’s top staking service. The firm, which holds 4.6 million ETH or 3.8% of the total supply, announced it has already staked over 3.14 million ETH worth approximately $6.8 billion. In the past week alone, it staked an additional 101,700 ETH valued at $219 million.
Bitmine Chairman Tom Lee stated, “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.” The company plans to stake its remaining 1.5 million unstaked ETH in the coming weeks. It also purchased an extra 50,000 ETH on Thursday, bringing its weekly acquisitions to over 117,000 ETH.
Lee outlined a broader strategy, saying, “We plan to expand across additional proof-of-stake (PoS) networks and critical blockchain infrastructure over time.” This indicates potential future expansion to chains like Solana, BNB, and Tron. The firm aims to control 5% of Ethereum’s circulating supply through its efforts.
The move introduces significant competition for Lido, the current market leader with nearly 9 million staked ETH. Lido recently confirmed a 23% annual revenue decline in 2025, partly attributing it to structural shifts in staking. Even if Bitmine stakes its entire treasury, it would become the second-largest platform but would still need an extra 5 million ETH to surpass Lido.
