Bitmine Nears Goal of Controlling 5% of Ethereum Supply With $11.8 Billion Treasury

Bitmine is approaching a 5% control of the Ethereum circulating supply, currently holding 5.79 million ETH, which equals 4.8%. With a treasury valued between $11.8 billion and $12 billion, the company is expanding its staking operations and share buyback program. This increasing concentration of ETH may raise concerns regarding market centralization, potentially impacting price stability and increasing regulatory scrutiny as Bitmine continues to grow its holdings within the cryptocurrency ecosystem.