Bitmine Immersion Technologies, the world’s largest Ethereum treasury firm, now aims to replace Lido as the top ETH staking platform. company on wednesday explained ETH staking platform called MAVAN (short for Made in America Validator Network).
The company reported that it has currently staked 3,142,643. ETH As of Tuesday, March 24, this represents over $6.8 billion in staked ETH based on current market prices. Last week alone, BitMine staked 101.7k ETH worth $219 million.
At the time of this 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 purchased an additional 50 thousand ETH earlier on Thursday, bringing its weekly purchases to over 117 thousand ETH. This meant that the remaining unstake ETH was over 1.5 million ETH. The company said that this will be shared in the coming weeks.
BitMine’s aggressive bet on ETH staking
The ultimate goal is to be the best staking platform for institutions with the potential to earn $300 million annually with the current 7-day BMNR yield of 2.83%. Tom Lee, the firm’s president, added:
Since Bitmine is the largest holder of Ethereum in the world, MAVAN will become the largest Ethereum staking platform in the world shortly after its launch.
Emphasizing the long-term staking strategy of MAVAN and Bitmine, Lee continued:
We plan to expand across additional proof-of-stake (PoS) networks and critical blockchain infrastructure over time, and by 2026 we will increase our efforts in areas such as on-chain vaults, post-quantum customer development, and more.
In other words, other PoS chains such as SOL, BNB, Tron (TRX) and others may fall into BitMine’s staking orbit.
However, the update could shake up the broader ETH staking ecosystem, which currently faces stiff competition from the growing appetite for low-risk institutional staking.
In fact, the leading leader in the segment is Lido. approved It said ongoing structural change was partly responsible for the 23% annual revenue decline in 2025. Although its market share also shrank, it was still the leader in the segment with approximately 9 million staked ETH.
Unfortunately, with BitMine currently eyeing its position, will it be able to maintain its top spot? This depends on whether Lido’s staking outflows continue over the next few months.
As it stands, even if BitMine stakes its entire 4.6 million ETH stash, this would make it the second largest staking platform, surpassing Binance. But he will still need an extra 5 million ETH to knock Lido out of the top spot.
Final Summary
- BitMine has announced its MAVAN staking platform and plans to stake its entire 4.6 million ETH warehouse to generate $300 million in annual revenue.
- However, Lido will need over 5 million ETH to take its place as the top staking platform.
