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BitMine has continued accumulating Ether through the current bear market, pushing its holdings close to $10 billion and capturing nearly 5% of $ETH's circulating supply.
The company is also collecting staking yield on that position, generating ongoing income while broader ecosystem pressures mount.
What "Circulating Supply" Actually Means Here Circulating supply refers to all $ETH tokens currently available for transfer or trading — excluding coins locked in smart contracts or otherwise inaccessible.
When a single entity controls nearly 5% of that figure, the position stops being a portfolio allocation and starts being a structural presence in the network itself.
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