上市加密货币公司 BitMine 宣布，计划于 2026 年初正式启用名为“美国制造验证器网络”（MAVAN）的以太坊验证器基础设施，目标是将其高达 120 亿美元的以太坊储备转化为稳定的链上质押收益。这一计划标志着 BitMine 正从单纯的 ETH 积累阶段，迈向以机构级质押实现资产货币化的新阶段。
根据公司披露的数据，BitMine 当前持有约 4,110,525 枚 ETH，市值约 120 亿美元，是目前公开披露的最大以太坊企业金库之一，在全球加密资产负债表中排名靠前。董事长 Thomas Tom Lee 表示，MAVAN 将成为公司核心战略的重要组成部分，旨在提供高安全性、高稳定性的本土化验证器服务，并于 2026 年初全面部署。
从经济模型来看，ETH 质押收益是该计划的核心吸引力。验证器奖励以 ETH 形式发放，收益水平取决于网络活跃度、验证器在线率以及潜在的 MEV 收入。BitMine 预计，在大规模部署的情况下，若大部分 ETH 由 MAVAN 及其合作方参与质押，按约 2.81% 的年化收益率计算，年度质押收入可达 3.74 亿美元，折合每日超过 100 万美元。这一测算假设包括高效运行、低惩罚率以及相对稳定的 ETH 价格环境。
目前，BitMine 已通过第三方平台质押了约 408,627 枚 ETH，作为 MAVAN 的前期测试，并计划在 2026 年初逐步扩大规模。同时，公司仍在持续增持以太坊，过去一周新增 44,463 枚 ETH，并表示其加密资产、现金及潜在投资总规模已达 132 亿美元，其中现金约 10 亿美元。
政策环境的变化也为该计划提供了助力。在特朗普总统领导下，美国监管机构对加密货币行业的态度出现缓和迹象，SEC 已开始撤回部分执法行动。BitMine 强调，“美国制造”的验证器理念，既回应了监管合规需求，也有助于恢复市场对本土质押基础设施的信心。
综合来看，随着 MAVAN 验证器网络的推进，BitMine 正在构建一个围绕以太坊质押、机构参与和合规运营的长期增长模型。市场普遍关注，这一模式是否会在 2026 年成为企业级 ETH 质押的重要样本。
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