According to the source, spot ETH ETFs are designed to hold ETH in custody and issue shares via creations and redemptions, so sustained net creations can remove ETH from liquid circulation and tighten exchange float. source: U.S. SEC order approving rule changes to list and trade spot Ether ETPs on U.S. exchanges dated May 23, 2024; SEC EDGAR S-1 prospectuses for Ether ETFs filed by BlackRock and Fidelity in 2024 This absorption stacks with Ethereum’s structural mechanics: EIP-1559 burns base fees and proof-of-stake materially lowers issuance versus proof-of-work, reducing net supply when on-chain activity is elevated. source: Ethereum.org documentation for EIP-1559; Ethereum.org proof-of-stake issuance documentation For trading, track three signals: 1) ETF net creations versus redemptions to gauge direct spot demand, 2) daily ETH burn and gas fees to estimate net issuance, and 3) staking deposits and withdrawal queues to assess changes in circulating float and potential unlock pressure. source: ETF issuer daily basket and holdings disclosures on issuer product pages; ultrasound.money burn dashboard; Ethereum Beacon Chain staking data on Ethereum.org Price impact historically strengthens when ETF creations are positive while net issuance is negative, as seen after U.S. spot BTC ETF approvals in early 2024 when persistent inflows coincided with spot price strength. source: U.S. SEC approvals for spot BTC ETFs in January 2024; issuer-reported daily flow statistics on official product pages

According to @MilkRoadDaily, BMNR holds more than 1.5 million ETH on its balance sheet, about 1.2% of Ethereum's supply. According to @MilkRoadDaily, BMNR's stock traded $32 billion in volume last week, placing it among the most liquid U.S. equities.

According to @MilkRoadDaily on X (Aug 12, 2025), BMNR filed to expand its equity program by $20B, bringing total authorization to $24.5B with a prior $4.5B approval (source: @MilkRoadDaily). According to @MilkRoadDaily on X (Aug 12, 2025), the source states this capital could be deployed into ETH, representing capacity to buy nearly 5% of Ethereum’s total supply if fully used (source: @MilkRoadDaily).

According to @MilkRoadDaily, the top 10 ETH treasury companies now hold over 3,000,000 ETH, which is around 2.5% of all Ethereum in existence as of August 11, 2025. According to @MilkRoadDaily, this aggregation quantifies a material share of ETH held by a small set of treasuries, providing traders with a clear data point on supply concentration.