Tom Lee Says Bitmine Will Stop Buying ETH at 5% of Supply

Bitmine is approaching the end of one of the largest corporate ethereum accumulation campaigns on record. Chairman Tom Lee says the company will stop buying once it reaches 5% of ETH supply, a ceiling he said was encouraged by Vitalik Buterin. Speaking at TOKEN2049 , Tom Lee said the company has imposed a hard cap of 5% of ethereum’s total supply and will stop accumulating ETH once that threshold is reached. Bitmine holds roughly 6 million ETH, 4.9% of supply, at the time of Lee’s remarks. He said the company needs only about 100,000 ETH more to reach its target. “We said we have a 5% hard cap. We’re not going to own more than 5% of ethereum,” Lee said.

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