Bitmine Immersion Technologies Holds 6.04 Million ETH Near 5% Cap

Bitmine Immersion Technologies held 6,041,481 Ether (ETH) at 3 p.m. ET (19:00 UTC) on Oct. 18, leaving about 63,519 ETH before the 5% supply level Chairman Tom Lee said would end the company’s purchases. The balance represented 4.9% of the 122.1 million ETH supply figure Bitmine used. Five percent of that total is about 6.105 million ETH; subtracting the Oct. 18 holdings leaves 63,519 ETH. The gap is an estimate because the supply figure is rounded. At TOKEN2049 in Singapore on Oct. 7, Lee described the 5% cap on purchases as a hard limit: “That’s a hard cap. We’re not gonna be accumulating past 5%.” He had estimated at the time that Bitmine needed about 100,000 more ETH, a larger gap than the latest holdings calculation shows.

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