America

BlackRock

when

Tom Lee

BitMine, a crypto treasury company that accumulates Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) and Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>), said on Friday it plans to launch the “Made in America Validator Network” (MAVAN) to stake its ETH holdings.&nbsp;
The company is piloting MAVAN with three staking infrastructure providers, ahead of the launch slated for the first quarter of 2026, <a href="https://www.prnewswire.com/news-releases/bitmine-immersion-bmnr-reports-fy25-gaap-eps-of-13-39-made-in-america-validator-network-ethereum-staking-to-commence-in-early-2026-declares-annual-dividend-of-0-01--the-first-large-cap-crypto-company-to-pay-a-dividend-302623034.html" rel="noopener noreferrer nofollow">according </a>to an announcement from BitMine.
Staking tokens to <a href="https://cointelegraph.com/explained/ethereum-20-staking-explained" rel="noopener noreferrer nofollow">validate proof-of-stake (PoS) blockchains</a> secures networks and generates revenue in the form of staking rewards paid out in the native token of the blockchain network, in this case, ETH.
“At scale, we believe our strategy will best serve the long-term best interests of our shareholders," BitMine chairman Tom Lee said.
<figure>
 <img alt="Ethereum ETF, Companies" src="https://s3.cointelegraph.com/uploads/2025-11/019aa75d-63cf-7bb9-b807-2a8fe37b3c9a" title="">
 <figcaption>
 BitMine’s stock has crashed alongside other crypto treasury companies, which have seen a slow bleed in 2025. Source: <a href="https://finance.yahoo.com/quote/BMNR/" rel="noopener noreferrer nofollow">Yahoo Finance</a>
 </figcaption>
</figure>
The announcement came amid a broad downturn in the crypto market and crypto treasury companies, which are experiencing a <a href="https://cointelegraph.com/news/digital-asset-treasuries-mnav-collapse-standard-chartered" rel="noopener noreferrer nofollow">collapse in their multiple on-net asset value</a> (mNAV), a critical metric tracking the price premium placed on a crypto treasury company’s stock.
Related: <a href="https://cointelegraph.com/news/market-maker-balance-sheet-woes-crypto-tom-lee" rel="noopener noreferrer nofollow">Tom Lee speculates wounded market makers behind crypto crunch</a>
<h2 id="bitmine-suffers-alongside-plummeting-eth-prices-and-market-collapse">BitMine suffers alongside plummeting ETH prices and market collapse</h2>
BitMine is sitting on over <a href="https://cointelegraph.com/news/bitmine-3-7b-ether-loss-dat-hotel-california-blackrock-staked-eth-etf" rel="noopener noreferrer nofollow">$3.7 billion in unrealized losses</a> due to plummeting ETH prices, according to a <a href="https://update.10xresearch.com/p/is-tom-lee-s-bitmine-team-really-collecting-157-million-a-year" rel="noopener noreferrer nofollow">report</a> from research company 10x Research.
The report, published on Thursday, used an ETH price of $3,023, but the ETH decline extended on Friday, driving the price down to about $2,700 at the time of writing.&nbsp;
<figure>
 <img alt="Ethereum ETF, Companies" src="https://s3.cointelegraph.com/uploads/2025-11/019aa760-a7c2-7bca-bd5e-96e8f1331cf2" title="">
 <figcaption>
 The price of ETH has collapsed following an all-time high of over $4,900 in August. Source: <a href="https://www.tradingview.com/chart/g7xkPkTa/?symbol=BINANCE%3AETHUSD" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
</figure>
The price decline means the company is now more than $1,000 underwater on each ETH it holds, after accumulating the asset during its run-up to all-time highs during July and August.
ETH’s crash below $3,000 <a href="https://cointelegraph.com/news/eth-dats-have-a-problem-ether-s-crash-below-dollar3k-vaporized-a-year-s-worth-of-gains" rel="noopener noreferrer nofollow">wiped away a year’s worth of gains</a> for crypto treasury companies holding it and could lead to more financial stress for these companies if the price declines further.&nbsp;
“Treasury companies will face a hard reality: attracting new retail investors becomes nearly impossible when existing shareholders are sitting on billions in losses,” 10x Research wrote.
The treasury model faces increasing competition and eroding market share from asset managers like BlackRock and exchange-traded fund providers, which can give investors lower-cost exposure to digital assets and staking rewards, according to 10x Research.
Magazine:<a href="https://cointelegraph.com/magazine/crypto-bull-run-ending-profits-hodl-ferrari-crypto-kid-efe-kelemci/" rel="noopener noreferrer nofollow"> If the crypto bull run is ending…It’s time to buy a Ferrari: Crypto Kid</a>

BitMine announces 2026 ETH staking plans as market melts down

Table of Contents

Cointelegraph

Other articles published on Nov 21, 2025

Join our free newsletter for daily crypto updates!