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BitMine to stop Ethereum buying at a 5% supply cap
BitMine held 6,016,414 ETH as of Oct. 4, about 4.9% of the 122.1 million ETH supply it cited, implying it needed about 88,586 more ETH to reach the 5% limit.
BitMine Immersion Technologies chairman Tom Lee said the company will stop accumulating Ethereum once its holdings reach 5% of the cryptocurrency’s supply, ending what he described as an effectively open-ended buying strategy.
Speaking at TOKEN2049 in Singapore, Lee said BitMine was already close to that ceiling and would not continue accumulating beyond it. The company held 6,016,414 ETH as of Oct. 4, or about 4.9% of the 122.1 million ETH supply figure cited in its latest disclosure.
Based on those figures, BitMine would need roughly 88,586 more ETH to reach the 5% threshold. Using an illustrative ETH price of $2,500, the remaining purchase would cost about $221 million.
The company reported $643 million in cash and marketable securities, which it said would be enough liquidity to cover the gap. BitMine also added 15,112 ETH in the week through Oct. 4, positioning the 5% cap to be reached before year end even if it slows purchases.
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