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Friday Nov 21 2025 17:50
2 min
BitMine, a crypto treasury company accumulating Ether (ETH) and Bitcoin (BTC), announced Friday its intention to launch the “Made in America Validator Network” (MAVAN) to stake its ETH holdings. The company is piloting MAVAN with three staking infrastructure providers, with a launch projected for the first quarter of 2026, according to the announcement. Staking tokens to validate proof-of-stake (PoS) blockchains secures the networks and generates revenue through staking rewards, paid out in the native token of the blockchain – in this instance, ETH. "At scale, we believe our strategy will best serve the long-term interests of our shareholders," stated BitMine chairman Tom Lee. The announcement arrives amidst a general downturn in the crypto market and for crypto treasury companies, which are experiencing a contraction in their multiple on-net asset value (mNAV), a key metric measuring the premium placed on a crypto treasury company’s stock. BitMine is suffering alongside declining ETH prices and overall market weakness. A report by 10x Research estimates that BitMine holds over $3.7 billion in unrealized losses attributable to the drop in ETH prices. The report, released Thursday, utilized an ETH price of $3,023. However, the ETH decline continued into Friday, driving the price to approximately $2,700 at the time of writing. This price decrease signifies that the company is now at a loss of more than $1,000 on each ETH held, after accumulating the asset during its run-up to record highs in July and August. ETH's fall below $3,000 erased a year's worth of gains for crypto treasury companies holding the asset and could lead to greater financial strain if the price continues to drop. "Treasury companies will face a stark reality: attracting new retail investors becomes almost impossible when existing shareholders are sitting on billions in losses," 10x Research wrote. The treasury model faces escalating competition and diminishing market share from asset managers such as BlackRock and exchange-traded fund (ETF) providers, which offer investors lower-cost exposure to digital assets and staking rewards, according to 10x Research.
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