Summary
- Tom Lee said BitMine could reach its 5%% of Ether supply target in about six weeks at its current pace.
- BitMine said it plans to focus on staking and share buybacks after reaching the target.
- The market is watching how changes in BitMine's large-scale Ether buying pace could affect Ether supply and demand and price trends.
Forecast Trend Report by Period
BitMine said it may slow the pace of its Ether purchases as it nears its target holding.
Tom Lee, BitMine's chairman and a co-founder of Fundstrat, told CoinDesk on May 7 that the company could reach its goal of holding 5% of Ether's total supply in about six weeks at its current pace.
He said BitMine is now considering easing purchases somewhat.
After reaching the target, the company plans to focus on staking and share buybacks, Lee added.
BitMine has recently been buying about 100,000 ETH a week, CoinDesk reported.
The company had initially expected it would take about five years to secure 5% of Ether's supply. It has now accumulated about 4.29% in less than a year.
BitMine currently holds more than 5.1 million ETH, according to the report.
The market is watching how any shift in BitMine's large-scale Ether buying could affect supply-demand dynamics and price moves. Its staking strategy and whether it continues making additional purchases are key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
