Tom Lee Says MAVAN Will Be ‘Largest Ethereum Staking Platform In The World’ – BMNR Stock Gains Pre-Market

• Chairman Tom Lee said MAVAN could become the largest Ethereum staking platform globally, citing Bitmine’s position as the largest Ethereum holder.
• Bitmine currently holds about 4.66 million ETH, representing roughly 3.6% of total circulating supply, with a target to reach 5% over time.
• More than 3 million ETH is already staked on MAVAN, with plans to stake the company’s entire holdings in the coming weeks.
• The firm estimates annual staking rewards could approach $300 million once all Ethereum holdings are fully deployed on the platform.

Shares of Tom Lee-backed Bitmine Immersion Technologies (BMNR) moved higher in pre-market trade on Wednesday after the company announced the launch of its long-awaited Made In America Validator Network (MAVAN).

The project was originally developed to help Bitmine stake its own Ethereum (ETH) holdings, but the company is now expanding the scope to institutional investors, custodians, and other ecosystem partners. 

"Because Bitmine is the largest owner of Ethereum in the world, shortly after launch, MAVAN will be the largest Ethereum staking platform in the world,” said Lee in a statement. “We plan to expand across additional proof-of-stake networks and critical blockchain infrastructure over time, and through 2026, we'll grow our efforts in areas such as on-chain vaults, post-quantum client development, and more."

What Is Retail Saying About BMNR’s stock?

BMNR’s stock rose as much as 2.8% in pre-market trade. On Stocktwits, retail sentiment around the Ethereum (ETH) digital asset treasury moved to ‘neutral’ from ‘bearish’ territory over the past day, while chatter remained at ‘low’ levels.

Many users seemed disappointed that the announcement didn’t lead to a stronger rally in BMNR’s stock after the market opened. 

Meanwhile, Ethereum’s price edged 1% higher in the last 24 hours at around $2,160. Retail sentiment around the altcoin on Stocktwits remained in ‘bearish’ territory over the past day, while chatter increased to ‘normal’ from ‘low’ levels.

Bitmine currently holds around 4.66 million Ethereum on its balance sheet, amounting to around 3.6% of ETH’s total circulating supply. The company’s goal is to acquire at least 5% over time. Over 3 million of its Ethereum holdings are currently staked on MAVAN, with plans to stake its entire holdings on the platform in the coming weeks.

Bitmine said that once all of its holdings are fully staked, the ETH staking rewards would be nearly $300 million per year. 

Read also: Bitcoin Holds Above $71,000 After Oil Drops On Iran Peace Plan Reports – Dogecoin, Cardano Outperform

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