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Bitmine Immersion Technologies has accumulated 5.70 million Ether tokens, giving the company direct ownership of 4.7% of the cryptocurrency's entire circulating supply of 120.7 million coins.
Combined with its other positions, Bitmine's total crypto and cash holdings stand at $9.8 billion, according to an announcement from the company.
A Supply Concentration Worth Tracking The 4.7% figure is the one that matters structurally.
When a single corporate entity controls nearly one in twenty units of a liquid, globally traded asset, the mechanics of any large repositioning change — for the holder and for anyone on the other side of a trade.
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