Bitmine’s ETH holdings have surpassed 6 million coins, accounting for 4.9% of the total—just a little under 5 weeks away from the 5% line it drew for itself.
The market reads this news as “institutions are still accumulating.” The real focus is actually on what happens once it’s crossed.
According to public discussions, after reaching the line it no longer adds positions; instead, it sells part of the staking rewards to keep the ratio hovering around 5%. This claim still needs verification.
Two things that can be checked: last week it added roughly 17,000 more coins; of the 6 million coins, about 84% are already staked. Based on the disclosed figures, the annualized staking yield is about $358 million.
It originally planned to reach 5% by the end of 2026, but has now done so more than six months early. With the accumulation window compressed, weekly buying becomes an urgent deadline action rather than an endless opportunity to keep topping up.
At the moment it hits the line, the market will see both fewer long-term buyers and more of a fixed sell order.
If the most important marginal buyer of ETH is an asset-liability statement that proactively caps itself, does the line “institutional takeover of pricing power” still hold up?
The market reads this news as “institutions are still accumulating.” The real focus is actually on what happens once it’s crossed.
According to public discussions, after reaching the line it no longer adds positions; instead, it sells part of the staking rewards to keep the ratio hovering around 5%. This claim still needs verification.
Two things that can be checked: last week it added roughly 17,000 more coins; of the 6 million coins, about 84% are already staked. Based on the disclosed figures, the annualized staking yield is about $358 million.
It originally planned to reach 5% by the end of 2026, but has now done so more than six months early. With the accumulation window compressed, weekly buying becomes an urgent deadline action rather than an endless opportunity to keep topping up.
At the moment it hits the line, the market will see both fewer long-term buyers and more of a fixed sell order.
If the most important marginal buyer of ETH is an asset-liability statement that proactively caps itself, does the line “institutional takeover of pricing power” still hold up?