Overview
- Bitmine, which disclosed Monday it bought 26,659 ETH last week, has cut its weekly additions from more than 100,000 tokens.
- The firm now holds over 5.2 million ETH, or about 4.31% of circulating supply, with roughly 4.7 million staked through its MAVAN validator network.
- Those staked holdings are generating about $319 million a year in rewards, with projections near $352 million once all ETH is staked.
- Management says the slower pace would prevent reaching the 5% threshold by mid-July and extends the timetable for the target to later in 2026.
- Analysts warn that one public company controlling roughly 4% to 5% of ETH raises concentration and governance risks, though staking and withdrawal queues limit how quickly such a large holder could sell.