Six million ETH.
Bitmine just crossed it. 6,016,414 ETH, and 7.4 billion in total crypto, cash and marketable securities on the balance sheet.
This trade is barely a year old and one company already holds about 5% of the entire ETH supply. Everyone argues whether these treasury firms are the next Strategy or the next SPAC bust, but the arithmetic underneath keeps compounding. ETH supply is capped around 120.7 million, and a single buyer keeps vacuuming it up at every price.
The market already knows the playbook. Strategy ran it on BTC. Bitmine is running it on ETH, bigger and faster.
The interesting question now is not whether they keep buying. It is what ETH looks like when 5% of it sits in one corporate wallet.
$ETH $BTC
Bitmine just crossed it. 6,016,414 ETH, and 7.4 billion in total crypto, cash and marketable securities on the balance sheet.
This trade is barely a year old and one company already holds about 5% of the entire ETH supply. Everyone argues whether these treasury firms are the next Strategy or the next SPAC bust, but the arithmetic underneath keeps compounding. ETH supply is capped around 120.7 million, and a single buyer keeps vacuuming it up at every price.
The market already knows the playbook. Strategy ran it on BTC. Bitmine is running it on ETH, bigger and faster.
The interesting question now is not whether they keep buying. It is what ETH looks like when 5% of it sits in one corporate wallet.
$ETH $BTC
