Bitmine holds 5 847 611 $ETH. This is 4.8% of the total issuance. Over the week, they bought an additional 32 447. Staked plus cash — 14,9$ bln. 87% is already in staking: 5 067 309 $ETH, about 12,4$ bln. They themselves draw 330$ mln per year from validators. The goal is 5% of the network—it's just a little bit away. This is no longer “a miner bought ether.” It’s a public company trying to become the network’s treasury. For $BTC, issuance is finite. For $ETH, there is still inflation and slashing. Is the market ready for a single share to control almost 5% of $ETH?