Tom Lee: BitMine Will Stop Accumulating After Holding 5% of ETH

Odaily reports that Tom Lee stated at the Token2049 conference in Singapore that BitMine has set a hard cap of holding 5% of ETH's circulating supply, and will no longer continue buying once that threshold is reached, with an estimated additional purchase of approximately 100,000 ETH needed. As of the latest accumulation on October 4, BitMine holds approximately 6.0164 million ETH, accounting for about 4.9% of the circulating supply, leaving a gap of approximately 90,000 to 100,000 ETH to reach 5%; based on last week's buying pace, it is expected to take another 6 to 7 weeks to hit the hard cap. Tom Lee also stated that after stopping accumulation, BitMine will no longer need to continue financing ETH purchases, and shareholders may be relatively better positioned when ETH rises.