Bitmine holds ~5% of ETH supply despite $8.4B unrealized losses

A single treasury vehicle approaching 5% of ETH supply is a concentration story as much as a conviction story: it ties a large slice of the asset's float to one firm's balance sheet and staking strategy. The unrealized loss figure matters less than the staking yield, which turns patience into recurring cash flow and helps explain why accumulation continues. The open question is whether that concentration keeps growing, and how the staking position behaves if holders or markets pressure the firm's resolve.