Tom Lee Says BitMine Will Stop Buying Ether After Reaching 5% of Circulating Supply
Uk Jin
Summary
- BitMine said it plans to stop buying more Ether after securing 5% of the token’s circulating supply.
- BitMine Chairman Tom Lee said buying about 100,000 more Ether would bring the company to 5% of circulating supply, after which it would stop accumulating the token.
- BitMine currently holds about 6,016,414 Ether (4.9%) and said stopping the accumulation could benefit shareholders if Ether’s price rises.
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BitMine said it plans to stop buying Ether after reaching 5% of the token’s circulating supply.
BlockBeats reported on October 8 that BitMine Chairman Tom Lee made the remarks at the Token2049 event in Singapore. He called 5% of Ether’s circulating supply an absolute ceiling and said buying about 100,000 more tokens would bring the company to that threshold, after which it would stop accumulating more.
BitMine currently holds about 6,016,414 Ether, equal to roughly 4.9% of the circulating supply.
Lee said that once the company stops accumulating Ether, it will no longer need to raise additional funds for purchases, which could benefit shareholders if Ether’s price rises.
Uk Jin
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