A publicly traded mining firm just dropped some serious numbers. They're sitting on 3.86 million ETH after scooping up another 138K ETH this past week. That's not all—their vault also includes 193 BTC, a cool billion in cash reserves, plus $36M worth of high-risk equity bets. Total war chest? North of $13 billion. This kind of accumulation pattern during market uncertainty tells you something about institutional confidence. The ETH buying spree alone represents meaningful conviction at current price levels. Worth watching how this plays out as we head deeper into 2025.