Bitmine Is 100,000 ETH Away From Ending Its Ethereum Buying Spree, Tom Lee Says

Bitmine Chairman Tom Lee announced at Token2049 in Singapore that the company is approximately 100,000 ETH, or six to seven weeks, away from hitting its self-imposed cap of 5% of Ethereum's circulating supply, at which point it will stop buying entirely. The firm currently holds about 6.02 million ETH, representing roughly 4.9% of supply, making it the world's largest corporate Ethereum treasury.

Lee noted the pace of accumulation far exceeded expectations. "We thought this would take five years. It took us a little over a year. Now we're going to stop," he said. Shares of Bitmine, trading under the ticker BMNR, fell 6% following the announcement, as investors had priced in the company's continued aggressive buying as a core part of its growth story.