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Bitmine plans to stop Ethereum buying near a 5% supply cap
Speaking at Token2049 in Singapore, Tom Lee said the firm is about 100,000 ETH from its 5% threshold, which would mean roughly six to seven more weeks at its current pace.
Bitmine Immersion Technologies said it will halt its Ethereum buying once its holdings reach 5% of the token's circulating supply, setting an end date for a long-running accumulation effort, according to Decrypt.
Chairman Tom Lee said the company is roughly 100,000 ETH away from the threshold at the Token2049 conference in Singapore, which Decrypt reports translates to about six to seven more weeks of buying at the current pace.
Bitmine is currently the world's largest Ethereum treasury, holding 6,016,414 ETH, or about 4.9% of supply, as of its latest disclosure, Decrypt said. The outlet also noted Bitmine added roughly $41 million in ETH last week as it moved closer to the so-called 5% cap.
Lee said the company expected the effort to take five years, but it took a little over a year, and that the buying happened during a bear market. Decrypt added that Lee characterized the 5% level as Bitmine's hard cap.
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