Bitmine Nears 5% Ethereum Control with $12 Billion Treasury

Bitmine Immersion Technologies is close to controlling 5% of Ethereum's circulating supply after accumulating approximately 4.8% of it, according to recent reports.

The U.S.-listed Ethereum treasury company has amassed about 5.78 million ETH, valued between $11.5 billion and $11.8 billion.

Bitmine's actions may raise concerns about market manipulation or centralized control, which could impact Ethereum's price dynamics.