Bitmine raises its ETH treasury to 5.96 million and holds 4.9% of total supply

Bitmine reportedly increased its Ethereum treasury to 5.96 million ETH, around 4.9% of total supply. If accurate, this signals meaningful institutional-style balance sheet adoption and increases perceived supply concentration, which can tighten liquid float and amplify market sensitivity to treasury actions. However, the absence of disclosed timing, cost basis, and funding sources adds uncertainty around positioning and potential leverage.