#Bitmine Immersion Technologies (NYSE American: BMNR) announced the launch of an Ethereum staking platform called MAVAN. The corresponding announcement was made public by the company on Tuesday.

As of 02:00 March 25, Bitmine has already staked 3,142,643 Ethereum worth approximately $6.8 billion (at a rate of $2,148 per $ETH ) through Coinbase. The company claims that this is the largest amount of staked Ethereum among all organizations in the world.

The news emerged against the backdrop of high volatility in the shares #Bitmine : with a market capitalization of $9.5 billion, the papers are trading around $20.80. Over the past year, they have increased by 122%, however, they have lost 58% over the past six months.

What is MAVAN
The MAVAN platform combines infrastructure located in the USA with a globally distributed architecture and is aimed at institutional clients. It was initially created to manage the company's own Ethereum assets, but later Bitmine plans to open it up to investors, custodians, and ecosystem partners.

The company’s head, Tom Lee, called the launch a 'key step' in creating one of the leading global blockchain infrastructure platforms. According to him, given the volume of assets, Bitmine MAVAN has the potential to quickly become the largest Ethereum staking platform.

Current results and plans
Just in the last week, the company placed 101 776 $ETH (about $219 million) through MAVAN and plans to stake nearly all remaining assets soon. Based on a 7-day yield of 2.83%, Bitmine forecasts annual staking revenue of about $300 million after full asset placement.

In the long term, the company plans to:

expand MAVAN to other networks with Proof-of-Stake algorithms

develop blockchain infrastructure solutions

create digital asset vaults and implement post-quantum technologies by 2026

Investors and valuation
Among the investors in Bitmine are Cathy Wood (ARK Invest), Founders Fund, Pantera, Kraken, Digital Currency Group, and Galaxy Digital.

Analysts believe that the company's shares may currently be undervalued. Bitmine is expected to become profitable this year, despite a loss of $46.42 per share over the last 12 months.

Context
Historically, Bitmine operated as a Bitcoin miner in the USA, but gradually shifted focus to #Ethereum , using it as a key reserve asset of its treasury strategy.