Bitmine Immersion Technologies, owned by Tom Lee, now holds 5,797,813 ETH, worth approximately $10.9 billion and representing 4.8% of the total Ethereum supply in circulation. Its institutional staking platform MAVAN has already staked 4.9 million ETH, accounting for 85% of its holdings, which could generate $247 million in annual revenue at the current 2.67% yield, potentially rising to $291 million if all ETH were staked. The company has also repurchased 16.1 million of its own shares since July 1st as part of its $4 billion buyback program. The Ethereum validator queue, while down from early 2026 peaks, remains historically high, signaling sustained confidence in the network.
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