Bitmine Buys $41M More Ethereum, Hits 99% of ‘Alchemy of 5%’ Target

Bitmine's near-completion of its 5% supply target marks a shift from accumulation to a potential holding phase, which matters because a single corporate treasury now controls a meaningful slice of Ethereum's float. That concentration cuts both ways: it signals conviction from a prominent chair, but it also raises questions about liquidity and governance influence if the position is ever moved. The open question is whether other listed vehicles follow with similar treasury-style targets, or whether Bitmine's remaining 1% is where the strategy stalls.