BitMine to Stop Hoarding ETH Soon? Tom Lee Calls 5% of Total Supply a 'Hard Cap'

BlockBeats news, October 8 — Tom Lee said at the Token2049 conference in Singapore that BitMine has set a "hard cap" of holding 5% of ETH's circulating supply, and will stop buying once that is reached. "This is a hard cap. We will not continue accumulating beyond 5%. We will not hold more than 5% of Ethereum. We only need to buy about another 100,000 ETH to reach 5%, and then we stop."

According to the company's latest disclosure (as of its most recent increase on Monday, October 4), BitMine holds about 6,016,414 ETH, roughly 4.9% of the circulating supply (about 122.1 million), leaving about 90,000 to 100,000 ETH to reach 5%. At last week's buying pace, it would take 6–7 weeks to hit the hard cap.

Tom Lee also said that after stopping accumulation, the company will no longer need to finance coin purchases, and shareholders may be relatively better positioned when ETH rises.