One Company Is Getting Surprisingly Close to Owning 5% of All $ETH 👀 There’s a new Ethereum number I find much more interesting than another price target: BitMine now holds about 5.8 million $ETH , equivalent to roughly 4.8% of the circulating supply. That's around $11 billion concentrated in a single corporate treasury. We’ve become pretty comfortable with companies accumulating Bitcoin, but Ethereum makes the treasury strategy more complicated. ETH isn't only something a company can hold on its balance sheet; it can also be staked, generate rewards and participate in an on-chain economy. That makes the economics quite different from simply putting BTC in cold storage. But 5% is also where I start thinking about concentration rather than just demand. If corporate ETH treasuries keep expanding, eventually we'll have to discuss how much supply sitting inside a handful of public companies is actually healthy for the asset. Bitcoin already gave us the corporate treasury playbook. Ethereum might show us what happens when that playbook gets really big. 😅 #ETHBlockchain #ETHFoundation