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.