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The corporate accumulation of Ethereum has entered territory that supply-side analysts rarely model for a single balance sheet.
Bitmine Immersion Technologies, the firm behind ticker BMNR, disclosed that its ETH holdings have reached 5.77 million tokens, equal to 4.8% of the asset's total circulating supply of 120.7 million coins.
Combined crypto and cash holdings stand at $11.3 billion.
A 12-month sprint toward supply concentration The company frames the milestone against a self-defined threshold it calls the "Alchemy of 5%." At 4.8% of supply, Bitmine says it is 96% of the way to that target.
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