PiCK
Tom Lee Says BitMine May Hit 5% of Ether Supply Within Six Weeks, Weighs Slower Buying
Summary
- Tom Lee said BitMine could reach its target of holding 5% of Ethereum's supply in about six weeks at its current pace.
- The company is considering slowing purchases as it nears that goal after buying about 100,000 ETH a week.
- After that, BitMine plans to focus on staking and share buybacks, while the market watches how any shift in large-scale Ether accumulation could affect supply-demand dynamics and price moves.
Forecast Trend Report by Period
BitMine said it may slow the pace of its Ether accumulation as it closes in on its ownership target.
Tom Lee, chairman of BitMine Immersion Technologies and co-founder of Fundstrat, told CoinDesk on May 7 that at the current pace, the company could reach its goal of holding 5% of Ethereum's supply in about six weeks.
BitMine is now considering slowing purchases, Lee said.
After hitting that target, the company plans to focus on staking and share buybacks.
BitMine has recently been buying about 100,000 ETH a week, CoinDesk reported.
The company had originally expected it would take about five years to acquire 5% of Ether's supply. It has now secured 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 whether any shift in BitMine's large-scale Ether buying will affect supply-demand dynamics and price moves. Its staking strategy and any additional purchases are seen as key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.