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Who Owns 5% of Ethereum? Bitmine's $16.4B Treasury Bet

One Company, 6 Million ETH: Crypto's Boldest Treasury Bet Co-produced by Daniel Aharonoff and DigitalDan Some weeks in crypto, the biggest story isn't a hack, a halving, or a headline-grabbing ETF launch. Sometimes it's a spreadsheet. This morning, Bitmine Immersion Technologies published its weekly holdings update, and the numbers are staggering enough to rearrange how you think about who actually owns Ethereum. As the chief editor of ethdan.me, I've spent years tracking whale wallets, ETF inflows, and protocol upgrades. But I've never seen a single public company sit on this much ETH. Six million coins. Nearly five percent of the entire supply. A projected $363 million a year in staking revenue alone. Let that sink in. What's the Big Deal? On Monday, October 5, Bitmine Immersion Technologies (NASDAQ: BMNR) announced that its Ethereum treasury has crossed 6 million ETH — 6,016,414 tokens to be exact, valued at $2,726 apiece for a total of roughly $16.4 bi...

Cybertruck Stunt Sparks Controversy at NFT NYC

The Curious Case of the Cybertruck and the Marshmello Impersonator

The recent NFT NYC conference was a spectacle, but not for the reasons one might typically expect. A Tesla Cybertruck made a dramatic entrance into Times Square, flanked by what many believed was the iconic DJ Marshmello. However, the excitement quickly morphed into a whirlwind of controversy as it was revealed that the figure behind the mask was not the renowned DJ but rather a content creator, Jake SolJakey Hillhouse, engaging in a publicity stunt that many now view as a breach of trust within the crypto community.

The Stunt Unveiled

  • Initial Hype: The sight of the Cybertruck, coupled with music and a crowd, initially sparked enthusiasm. The public was led to believe that Marshmello was endorsing a meme coin, MOG.
  • The Real Marshmello Speaks: Shortly after the event, the real Marshmello tweeted from Chicago, distancing himself from the impersonation and calling out the stunt as a scam.
  • Legal Threats: Marshmello’s response included a warning of potential legal action against SolJakey and his associates, creating a firestorm of reactions across Crypto Twitter.

Community Reactions

The crypto community’s response was divided:

  • Outrage and Disappointment: Many voiced their concern regarding the deceptive nature of the stunt, fearing that it could further tarnish the reputation of the crypto space.
  • Humor Amidst Controversy: Others found the entire situation amusing, with some even enjoying the absurdity of it all.

Behind the Scenes: A Closer Look

SolJakey has claimed that the stunt was not intended to promote MOG coin. Instead, it was meant to replicate a previous successful stunt in Los Angeles, where they created a pool in a Cybertruck to catch the attention of Elon Musk.

  • Planning the Event: Footage shared by SolJakey revealed the planning stages, including last-minute changes when the original DJ had to cancel.
  • Unexpected Turns: The decision to don the Marshmello helmet was serendipitous, with a friend stepping in at the last moment. This led to the unintended association with MOG coin.

Ethical Implications in the Crypto Space

This incident has spotlighted a significant issue within the crypto ecosystem—trust and authenticity. As the industry grapples with its reputation amidst rampant speculation and scams, stunts like this can exacerbate skepticism.

  • Dilution of Credibility: Engaging in deceptive practices, even if unintentional, can undermine the hard-won legitimacy of the crypto sector.
  • Community Sentiment: SolJakey expressed regret for the negative sentiment generated, though he maintained that there was no malicious intent.

The Unfolding Story

As the dust settles, the legal implications remain uncertain. To date, SolJakey has reported no official communication from Marshmello’s team regarding the threat of legal action, adding another layer to this intriguing saga.

The incident serves as a cautionary tale about the thin line between creativity and deception in the fast-evolving world of cryptocurrency. As the community reflects on this event, it’s evident that the stakes are high, and the need for transparency and ethical conduct has never been more critical.

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