Bitmine announces goal: Hold 5% of the total supply of $ETH before December

What does 5% mean? The total supply of ETH is about 120 million, 5% = 6 million ETH, at the current price of about $13.8 billion, this is almost a replication of what Strategy is doing with $BTC
But I think these two things cannot be directly equated
The core of Strategy's establishment is a simple narrative, digital gold, limited supply, institutional reserves. This story is easy to tell, can be used for debt issuance and fundraising, and is accepted by the capital market
What is ETH? Gas token? Staking yield asset? Ultrasonic currency? The more complex the narrative, the harder it is for institutions to understand, and the more difficult fundraising becomes. This is the first hurdle Bitmine cannot bypass
Then there's the slowdown action, the official explanation is strategy adjustment. My first reaction is either the funds can't keep up, or they are waiting for a lower price themselves. The big goal + slow pace reveals caution, not confidence
If 6 million ETH were really bought up on a large scale, it would push their costs higher and higher, ultimately turning into a high-price trap. ETH liquidity is weaker than BTC, and larger impacts are more significant. The path Strategy can run, Bitmine will find it even harder to follow
My judgment: the 5% target is more of a market cap management story than an actionable plan. But if more and more companies learn to do the same with ETH, supply-side pressure will more directly push prices than any technical upgrade
The direction isn't wrong, whether it can be implemented will be seen in December
Not an advertisement, not investment advice, DYOR