BitMine Immersion Technologies officially launched MAVAN, an Ethereum staking solution for institutions, as part of the company's effort to deploy its massive Ethereum holdings to generate attractive returns. It is now available to external institutional clients.

MAVAN is an acronym for Made in America Validator Network (Made in America Validator Network). BitMine originally developed this infrastructure to manage its own staking operations. The Connecticut-based company said it now offers access to institutional investors, custodians, and trading platforms seeking American-based infrastructure to validate Ethereum data locally.

As of March 24, BitMine's staked Ethereum balance reached 3,142,643 coins, valued at approximately $6.8 billion, at a price of around $2,148 per coin. The company announced that it transferred 101,776 Ethereum coins worth $219 million to MAVAN in just the past week alone. The company plans to migrate nearly all of its remaining unstaked balances to the platform over the coming weeks.

BitMine announced that it holds 4,660,903 Ethereum tokens as of March 22, representing 3.86% of the total Ethereum supply. Once its entire balance is migrated to MAVAN, the company expects annual staking rewards of approximately $300 million USD, based on a seven-day average return rate of 2.83%.