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

Tom Lee said BitMine will not accumulate Ether past 5% of the supply, turning the company’s target into a ceiling.

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.”

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