bitmine holds 4.72m staked ETH, 4.7% of total supply, generating $223m annual yield. down $9.5b unrealized at $3,440 cost basis. just raised $274m in preferred stock to buy more. 380,000 ETH from their stated 5% target. staking entry queue is 49 days, exit queue is 1 day. CEX reserves at all time lows. 32.7% of ETH supply locked in staking, new ATH. one entity is mass accumulating into a structural supply squeeze and publishing their playbook in SEC filings. sunk cost fallacy or generational conviction, either way the supply impact is the same
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