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Bitmine Immersion Technologies, the world’s largest Ethereum treasury firm, now aims to replace Lido as the top ETH staking platform. On Wednesday, the firm unveiled its ETH staking platform dubbed MAVAN (an acronym for Made in America Validator Network).
The firm reported that it has already staked 3,142, 643 ETH as of Tuesday, 24 March, translating to over $6.8B worth of staked ETH based on current market prices. In the past week alone, BitMine staked 101.7K ETH, worth $219M.
At the time of writing, BitMine held a total of 4.6 million ETH or 3.8% of the total supply. It aims to control 5% of the circulating supply.
It also bought an additional 50K ETH earlier on Thursday, bringing its weekly buys to over 117K ETH. This meant the remaining unstaked ETH was over 1.5 million ETH. This too will be staked in the coming weeks, the firm said.
BitMine’s aggressive bet on ETH staking
The end goal is to become the top staking platform for institutions with the potential to generate $300M annually at the current 2.83% 7-day BMNR yield. Tom Lee, the chairman of the firm, added,
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.
Highlighting MAVAN and Bitmine’s long-term staking strategy, Lee continued,
We plan to expand across additional proof-of-stake (PoS)networks and critical blockchain infrastructure over time, and through 2026, we’ll grow our efforts in areas such as on-chain vaults, post-quantum client development, and more.
In other words, other PoS chains like SOL, BNB, Tron [TRX], and others could fall in BitMine’s staking orbit.
However, the update could shake up the broader ETH staking ecosystem, which is currently facing stiff competition amid growing appetite for low-risk institutional staking.
In fact, Lido, the top leader in the segment, confirmed that the ongoing structural shift was partly responsible for its 23% annual revenue fall in 2025. Although its market share also shrank, it was still leading in the segment with nearly 9 million staked ETH.
Alas, with BitMine now eyeing its position, will it defend its top spot? Well, that depends on whether Lido’s staking outflows continue in the next few months.
As it stands, even if BitMine stakes its entire 4.6 million ETH stash, that would make it the second-largest staking platform, surpassing Binance. However, it would still need an extra 5 million ETH to dislodge Lido from the top seat.
Final Summary
- BitMine unveiled the MAVAN staking platform and plans to stake the whole of its 4.6 million ETH stash to get $300M in annual yield revenue.
- However, it will need over 5 million ETH to displace Lido as the top staking platform.
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