BitMine sets 5% Ether supply ‘hard cap’ as accumulation target nears

BitMine Immersion Technologies will cap its Ether holdings at 5% of the cryptocurrency’s supply, according to Chairman Tom Lee.Speaking during a keynote at Token2049 in Singapore on Wednesday, Lee said BitMine is nearing the threshold after accumulating roughly 6 million Ether, equivalent to about 4.9% of the supply. He said the company needs about 100,000 ETH more to reach its target.“That’s a hard cap. We’re not gonna be accumulating past 5%,” Lee said. “We’re not gonna own more than 5% of Ethereum.”Lee had previously left open the possibility of accumulating more than 5% of Ether’s supply depending on Ethereum adoption. In an August interview with Bankless, he said the company may revisit that possibility in 2027.BitMine Chairman Tom Lee speaks at Token2049 Singapore. Photo: Aubrey Paller/CointelegraphBitMine says it is “done stacking” EtherLee said BitMine accumulated most of its Ether during what he described as a crypto bear market, saying that the company was able to build its position while prices were depressed. “We did all this buying in a bear market,” Lee said. “We protected the downside for ETH because we were buying. But now, we’re done stacking in front of a 25X move...