Bitmine nears 5% ETH supply target with 6.07M tokens held

Bitmine is close to exhausting its own stated demand, which matters more than the milestone itself: a self-imposed 5% cap converts a steady weekly buyer into a finite one, and the market has been pricing that flow. The concentration is the other story — a single NYSE-listed treasury vehicle approaching 5% of Ethereum's supply raises questions about how that position is custodied, disclosed and eventually exited. Whether Bitmine halts cleanly at the cap, and whether other treasuries fill the demand gap it leaves, is the open question worth watching.