Bitmine Now Holds Nearly 5% of All Ethereum in Existence

Bitmine Immersion Technologies is close to owning nearly 5% of all Ethereum in existence, having grown from a small crypto miner into a public company whose revenue depends heavily on Ethereum staking. The article frames Bitmine as one of the biggest tests of whether Michael Saylor's bitcoin treasury playbook can be rebuilt around Ethereum. It notes that staking income does some of the work bitcoin can never do.