okay so Bitmine just crossed 4.8 million ETH in their treasury and moved their listing to the NYSE after buying 71,252 ETH last week. This is the new Strategy-but-for-Ethereum play and I think it ends the same way as the last ones. Every corporate treasury that chose an altcoin over bitcoin has been punished this cycle. Evernorth wrote off $233 million on XRP. Sharplink lost $734 million on ETH. The data across every single alt-treasury experiment has pointed in one direction only. Saylors playbook works because bitcoin has a fixed supply, no competing chain, and increasing regulatory clarity as a reserve asset. ETH has a variable supply, a dozen competing L1s, and a regulatory classification that changes depending on which agency you ask on which day. Meaning: the Strategy playbook assumes properties that ONLY BITCOIN HAS. Imagine being Bitmine and making a multi billion bet that the playbook is transferable while the last two companies that ran this experiment with different assets are writing off hundreds of millions. This time is NOT different.