In Bitmine's hands, ETH hits 6 million coins, accounting for nearly 5% of circulating supply worldwide, with a book value of $16.3 billion. The dirty move: issuing a 9.5% perpetual bond, and using all the raised funds to buy $ETH . A listed company that has turned into a leveraged spot ETF—Wall Street’s hoarding-coin monster, or still a ticking time bomb? Which side are you on?