Amidst a significant downturn in the cryptocurrency market, BitMine Immersion Technologies (NYSE AMERICAN: BMNR), a Bitcoin and Ethereum network company, has announced its plans to launch its "Made in America Validator Network" (MAVAN) for Ethereum staking in the first quarter of 2026. This strategic move comes as the company reported a net income of $328.16 million for fiscal year 2025, with fully diluted earnings per share of $13.39.
The broader crypto market is currently experiencing a meltdown, with Bitcoin dropping to around $82,605, a 4.53% decrease, and the global market cap dipping below $2.8 trillion. Ethereum has also suffered, falling below $2,700. This downturn is attributed to factors such as weak U.S. labor data, fading hopes for Federal Reserve rate cuts, and a $100 million DeFi exploit, leading to increased fear and concerns about further price declines. The market value of all cryptocurrencies has plummeted by about $1.2 trillion in six weeks, signaling a broader shift away from speculative assets.
Despite these challenging market conditions, BitMine is moving forward with its Ethereum staking initiative. Staking involves validating proof-of-stake (PoS) blockchains, securing networks, and generating revenue through staking rewards paid in the native token, ETH in this case. The company is currently running pilot tests of MAVAN with three staking infrastructure providers. According to BitMine Chairman Tom Lee, this strategy will "best serve the long-term best interests of our shareholders".
BitMine describes itself as "the largest ETH Treasury in the world" and holds approximately 2.9% of all Ethereum tokens, totaling 3,505,723 ETH valued at approximately $12.76 billion. In addition to its ETH holdings, BitMine possesses 192 Bitcoin, a $61 million stake in Eightco Holdings, and $398 million in unencumbered cash. The company also declared an annual dividend of $0.01 per share, making it the first large-cap crypto company to offer dividends. The declaration date for the dividend was November 21, 2025, with an ex-dividend date of December 5, a record date of December 8, and a payable date of December 29.
BitMine's move into Ethereum staking comes at a time when the Ethereum staking ecosystem is expected to mature, with greater institutional participation and diversification in yield strategies. Innovations like liquid restaking and ETF staking are attracting more validators and institutional capital. Ethereum staking is projected to increase significantly, with staked ETH potentially growing from 36 million to 40 million.
Analysts have mixed expectations for BitMine, with price targets ranging from $47 to $60. The company's stock has experienced a significant decline of over 24% in the past week, despite a remarkable 261% return over the last year. BitMine will hold its annual shareholder meeting at the Wynn Las Vegas on January 15, 2026.
The launch of MAVAN aligns with broader industry trends, as Ethereum's post-merge staking rewards attract institutional interest. BlackRock, for example, has submitted an SEC filing to add staking capabilities to its Ethereum ETF through Nasdaq. As the crypto market grapples with the current downturn, BitMine's strategic focus on Ethereum staking and shareholder returns could position it as a cornerstone of the institutional crypto ecosystem.
