Bitmine Immersion Technologies (NYSE AMERICAN: BMNR) announced the launch of MAVAN, its ethereum staking platform designed for institutional clients. The company reported holding 3,142,643 staked ETH valued at $6.8 billion as of March 24.

MAVAN combines U.S.-based infrastructure with globally distributed architecture to serve institutional investors, custodians, and ecosystem partners. The platform was initially developed to support Bitmine's own ethereum treasury operations.

"MAVAN represents a critical step in our vision to build one of the leading staking and on-chain infrastructure platforms globally," said Tom Lee, Chairman of Bitmine. The company claims to be the largest owner of ethereum globally.

Bitmine staked 101,776 ETH worth $219 million to MAVAN in the past week and plans to continue adding scale with the goal of staking nearly all remaining unstaked ETH. The company projects annual staking rewards of nearly $300 million using a 2.83% seven-day yield.

The platform plans to expand to additional proof-of-stake networks and blockchain infrastructure services. Bitmine operates as a bitcoin miner with U.S. operations and has implemented an ethereum-focused treasury strategy.

Bitmine's investor base includes ARK's Cathie Wood, Founders Fund, Pantera, Kraken, DCG, and Galaxy Digital, according to the company statement.