4.8M ETH is 3.98% of circulating supply, and 3.3M of that is staked — throwing off ~$196M/year in yield that effectively subsidizes continued accumulation. MSTR's BTC playbook worked because bitcoin just sits there inert, but ETH is a PoS network where 5% of supply translates to real validator influence. Nobody's pricing in what happens when a single NYSE-listed entity approaches meaningful consensus weight on Ethereum's beacon chain, especially one buying 70K+ ETH per week and accelerating.

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