BitMine, a cryptocurrency treasury company accumulating Ethereum (ETH) and Bitcoin (BTC), announced on Friday plans to launch the "Made in America Validator Network" (MAVAN) to stake its held ETH.

According to BitMine's announcement, the company is piloting MAVAN with three staking infrastructure providers, with an official launch expected in the first quarter of 2026.

Staking tokens to validate proof-of-stake (PoS) blockchains can secure network safety and generate returns in the form of staking rewards paid in the blockchain network's native token (in this case, ETH).

BitMine Chairman Tom Lee stated, "Under scaled operations, we believe our strategy will best serve the long-term interests of our shareholders."

The announcement comes as the cryptocurrency market and cryptocurrency treasury companies are experiencing widespread downturns, with their net asset value multiples (mNAV) collapsing, a key indicator tracking the premium of cryptocurrency treasury company stock prices.

According to a report by research firm 10x Research, BitMine currently has an unrealized loss of over $3.7 billion due to the plummeting ETH prices.

The report, released on Thursday, used an ETH price of $3,023, but the decline in ETH continued on Friday, with the price dropping to around $2,700 at the time of writing.

The price drop means that the company is now facing a loss of over $1,000 for each ETH it accumulated during the asset price surge to historical highs in July and August.

ETH falling below $3,000 has wiped out a year's worth of gains for cryptocurrency treasury companies holding the asset, and further price declines could impose more financial pressure on these companies.

10x Research wrote, "Treasury companies will face a harsh reality: attracting new retail investors becomes nearly impossible when existing shareholders are facing unrealized losses in the billions."

According to 10x Research, the treasury model is facing increasing competition and market share erosion from asset management firms like BlackRock and exchange-traded fund providers, which can offer investors lower-cost exposure to digital assets and staking rewards.

Related: Executives Warn: MSCI Index May Remove Companies Holding Crypto Assets

Original: “BitMine Plans to Launch Ethereum (ETH) Staking Business in 2026 to Address Market Downturn”

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