Bitmine Buys $18.9M ETH, Now Holds 4.81% of Supply

A single corporate treasury crossing 4.81% of ETH supply is a structural shift, not a headline trade. It concentrates a meaningful slice of float in one holder whose strategy Tom Lee publicly shapes, which matters for how liquidity and governance signals get read. The open question is whether other listed vehicles treat ETH the same way Bitmine has, or whether this remains an outlier.