BitMine, a crypto treasury firm focused on accumulating Ether and Bitcoin, announced plans on Friday to introduce the Made in America Validator Network (MAVAN) aimed at staking its ETH assets.

The company has begun testing MAVAN in collaboration with three staking infrastructure providers, with an anticipated launch in the first quarter of 2026, according to an official statement from BitMine.

Staking tokens to validate proof-of-stake (PoS) blockchains is crucial for network security and generates earnings through staking rewards in the native tokens, such as ETH.

“At scale, we believe our strategy will best serve the long-term best interests of our shareholders,” said BitMine chairman Tom Lee.

BitMine’s announcement arrives amid a significant decline in the overall crypto market, affecting crypto treasury firms that are witnessing a downturn in their multiple on-net asset value (mNAV).

BitMine Faces Losses Amid Falling ETH Prices and Market Collapse

Currently, BitMine is dealing with over $3.7 billion in unrealized losses due to falling ETH prices, as reported by 10x Research on Thursday.

The report indicated that ETH was priced at $3,023, but further declines on Friday brought it down to about $2,700.

The price collapse of ETH has erased gains achieved over the past year, heavily impacting crypto treasury companies that hold the asset and may cause further financial pressure if the drop continues.

The sharp decline in value poses challenges for treasury companies in attracting new retail investors when current shareholders face billions in losses.

“Treasury companies will face a hard reality: attracting new retail investors becomes nearly impossible when existing shareholders are sitting on billions in losses,” warned 10x Research.

The treasury business is increasingly facing competition from asset managers such as BlackRock and ETF providers, which offer investors cheaper ways to access digital assets and staking rewards.