BitMine, a firm specializing in cryptocurrency treasury management, has announced plans to introduce the “Made in America Validator Network” (MAVAN) to utilize its Ether (ETH) holdings for staking purposes. The company is currently testing MAVAN in collaboration with three staking infrastructure providers, with the launch anticipated in the first quarter of 2026.

By staking tokens, BitMine aims to secure proof-of-stake (PoS) blockchains and generate revenue through staking rewards, which are distributed in the blockchain’s native tokens, namely ETH.

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

The announcement coincides with a significant downturn in both the cryptocurrency market and among crypto treasury firms, which are currently witnessing a drop in their multiple on-net asset value (mNAV). This critical metric tracks the premium on a crypto company’s stock.

BitMine’s Financial Struggles in a Tumultuous Market

BitMine is reportedly facing over $3.7 billion in unrealized losses due to the declining value of ETH. A recent analysis by 10x Research pointed out that BitMine’s challenges have been exacerbated by plummeting Ether prices, which fell further to around $2,700.

The steep decline in ETH prices has left BitMine over $1,000 in the red for each ETH held, following significant investments made during the asset’s peak in August. Furthermore, this downward trend has obliterated a year’s worth of gains for crypto treasury companies holding ETH, potentially leading to more financial strain.

“Treasury companies will face a hard reality: attracting new retail investors becomes nearly impossible when existing shareholders are sitting on billions in losses,” the research company stated.

With growing competition from asset managers and ETF providers offering lower-cost digital asset exposure, BitMine’s treasury model may face increasing challenges.