Bitmine Immersion Technologies, a U.S.-listed Ethereum treasury company, has accumulated approximately 4.8% of Ethereum’s circulating supply, totaling about 5.78 million ETH, valued between $11.5 billion and $11.8 billion. The company is now the largest corporate holder and staker of Ethereum globally. Its approach to the 5% threshold raises concerns about potential market manipulation or centralized control, which could impact ETH price volatility. Regulatory responses, particularly from the U.S. SEC, as well as the impact on Ethereum’s price stability, will be key factors to monitor in the coming days.
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