Bitmine Closes In on 5% Ethereum Supply Target With $11.8B Treasury

News that Bitmine has amassed an $11.8B Ethereum treasury and is nearing a target of controlling ~5% of ETH supply signals accelerating institutional-scale accumulation and potential supply concentration. This can tighten effective float, raise liquidity and governance-centralization concerns, and increase sensitivity to treasury management actions (e.g., staking, lending, hedging). Near term, it is likely to amplify positioning and volatility around ETH.