Is BitMine About to Stop Hoarding ETH? Tom Lee Says 5% of Total Supply Is a 'Hard Cap'
46 minutes ago
Tom Lee stated at Singapore’s Token2049 conference that BitMine has set a hard cap of 5% of Ethereum’s circulating supply and will stop buying ETH once this threshold is hit. “This is a hard cap. We will not accumulate beyond 5%. We will not hold more than 5% of Ethereum. We only need to purchase around 100,000 more ETH to reach 5%, then we’ll stop,” he said. According to the company’s latest disclosure (as of its most recent purchase on Monday, October 4), BitMine holds approximately 6,016,414 ETH, accounting for about 4.9% of the circulating supply of roughly 122.1 million ETH, leaving a gap of roughly 90,000 to 100,000 ETH to hit the 5% cap. At last week’s buying pace, it will take 6 to 7 weeks to reach the hard cap. Tom Lee also noted that after halting ETH purchases, the company will no longer need to secure financing for buying the asset, which could give shareholders a relative advantage when Ethereum prices rise.
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