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Bitmine Immersion Technologies (BMNR) disclosed a holding of 5.78 million $ETH tokens, representing 4.8% of the cryptocurrency's entire circulating supply.
The company also reported total crypto and cash holdings of $11.5 billion. The case for the position is its sheer scale; the risk is the same thing.
What the 4.8% figure actually means Bitmine places total $ETH supply at 120.7 million tokens. At that denominator, BMNR controls roughly one in every twenty coins in existence.
That is a different order of magnitude from the corporate treasury plays that have become familiar in recent years, where companies accumulate a meaningful but liquidatable stake. One in twenty is not a reserve position.
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