Tom Lee’s Bitmine Buys $19M More ETH, Nears 5% of Supply

Bitmine's push toward a 5% supply target matters less as a price signal than as a structural one: a single listed vehicle accumulating this aggressively changes who holds ETH and how much sits outside active circulation. That concentration cuts both ways, tightening float while creating a holder whose behavior becomes a market variable in itself. The open question is whether other institutions follow the same playbook, or whether this remains a one-firm strategy.