Bitmine Buys $32M in Ethereum, Treasury Tops 6.03M ETH

A single corporate treasury holding nearly 5% of a token's supply is a structural fact, not just a headline. It concentrates influence over liquidity and governance, and ties the company's balance sheet to one asset's volatility. The chairman's claim of being nearly done accumulating matters more than the purchase itself: if the largest known corporate buyer steps back, the marginal demand picture changes. Whether other treasuries follow, or whether this concentration becomes a governance question, is the open thread.