Bitmine Immersion Technologies has emerged as a formidable player in the Ethereum ecosystem, declaring its ambition to surpass Lido as the leading ETH staking platform. On Wednesday, the firm announced the launch of its ETH staking initiative, known as MAVAN (Made in America Validator Network).
As of March 24, the firm reported staking a staggering 3,142,643 ETH, valued at over $6.8 billion based on prevailing market prices. In just the last week, Bitmine added 101,700 ETH to its staked total, equating to approximately $219 million.
Currently, Bitmine holds approximately 4.6 million ETH, which represents around 3.8% of Ethereum’s total circulating supply. The firm is targeting a 5% stake in the overall supply.
In a recent move, Bitmine acquired an additional 50,000 ETH on Thursday, raising its weekly purchases to over 117,000 ETH. With this, the company has more than 1.5 million ETH remaining that is poised to be staked in the upcoming weeks.
Bitmine’s Aggressive Stance on ETH Staking
The primary objective for Bitmine is to establish itself as the leading staking platform for institutional investors, targeting an annual revenue of $300 million, based on the current 2.83% 7-day BMNR yield. The chairman of Bitmine, Tom Lee, stated,
As the largest holder of Ethereum globally, Bitmine is poised to make MAVAN the premier Ethereum staking platform shortly after its launch.
Emphasizing MAVAN’s long-term vision, Lee elaborated,
Our expansion plan will encompass additional proof-of-stake (PoS) networks and critical blockchain infrastructures over time. By 2026, we aim to ramp up developments in areas such as on-chain vaults, post-quantum client development, and beyond.
This indicates that other PoS platforms, such as Solana (SOL), Binance Smart Chain (BNB), and Tron (TRX), may also be integrated into Bitmine’s staking operations.
Nevertheless, this strategic update could significantly impact the broader Ethereum staking landscape, which is currently characterized by fierce competition fueled by rising demand for low-risk institutional staking options.
Lido, the reigning leader in the staking sector, acknowledged that the ongoing changes contributed to a 23% decline in its annual revenue in 2025. Despite a slight reduction in market share, Lido still boasts nearly 9 million staked ETH.
The question remains: can Lido defend its dominance against Bitmine’s ambitious moves? Much will hinge on whether Lido continues to experience staking outflows in the coming months.
Even if Bitmine stakes its entire 4.6 million ETH inventory, it would only position itself as the second-largest staking platform, surpassing Binance. To dethrone Lido from its top position, Bitmine would need to secure an additional 5 million ETH.
Final Summary
- Bitmine has launched the MAVAN staking platform and plans to maximize its 4.6 million ETH inventory to generate $300 million in annual yield revenue.
- However, to eclipse Lido as the leading staking platform, Bitmine requires an additional 5 million ETH.
