BitMine, a crypto treasury company that accumulates Ether (ETH) and Bitcoin (BTC), announced on Friday that it plans to launch the Made in America Validator Network (MAVAN) to secure its ETH holdings.
According to an announcement from BitMine, the corporate is testing MAVAN with three staking infrastructure providers ahead of its launch, scheduled for the primary quarter of 2026.
Staking tokens to validate Proof-of-Stake (PoS) blockchains secures networks and generates revenue in the shape of staking rewards which can be paid out within the blockchain network's native token, on this case ETH.
“Overall, we imagine our strategy will best serve the long-term interests of our shareholders,” said BitMine Chairman Tom Lee.
BitMine stock has plummeted alongside other crypto treasury firms which have seen a slow decline in 2025. Source: Yahoo Finance
The announcement got here amid a broad downturn within the crypto market and crypto treasury firms experiencing a collapse of their multiple net asset value (mNAV), a critical metric that measures the worth premium for a crypto treasury company's shares.
BitMine is affected by falling ETH prices and a market collapse
According to a report from research firm 10x Research, BitMine is sitting on over $3.7 billion in unrealized losses as a result of falling ETH prices.
The report published on Thursday assumed an ETH price of $3,023, but ETH's decline continued on Friday, pushing the worth all the way down to around $2,700 on the time of writing.
The price drop means the corporate is now greater than $1,000 underwater for each ETH it holds, after accumulating the asset during its rise to all-time highs in July and August.
ETH's plunge below $3,000 worn out a 12 months's price of gains for the crypto treasury firms that hold it and could lead on to much more financial stress for those firms if the worth continues to fall.
“Treasury firms will face a harsh reality: Attracting latest retail investors will turn into nearly unattainable when existing shareholders face billions of dollars in losses,” wrote 10x Research.
According to 10x Research, the treasury model is facing increasing competition and shrinking market share from asset managers corresponding to BlackRock and exchange-traded fund providers, which may provide investors with cheaper access to digital assets and staking rewards.
