BitMine Immersion Technologies debuted its staking platform for institutions on Wednesday, underscoring efforts to bridge the gap between Wall Street and digital assets.
The Connecticut-based company, which is chaired by Fundstrat’s Tom Lee, said MAVAN is designed in a way that could unlock broader participation toward securing Ethereum’s network. (Disclosure: Tom Lee is an investor in Decrypt’s parent company Dastan.)
“MAVAN represents a critical step in our vision to build one of the leading staking and on-chain infrastructure platforms globally,” Lee said in a statement, adding that the company plans to expand MAVAN’s support to other proof-of-stake networks in the future.
Because BitMine holds 4.6 million Ethereum, a sum valued at $10.1 billion, Lee said that MAVAN would soon become the largest Ethereum staking platform in the world. As of Tuesday, the company said that it has staked 3.1 million Ethereum worth $6.8 billion.
Decrypt has reached out to Coinbase for comment.
In the three months ended Nov. 30, BitMine reported nearly $1 million in revenue from staking. That performance was largely overshadowed by a $5.4 billion unrealized loss on its holdings, including the 196 Bitcoin that the company holds on its balance sheet.
