Ethereum
BitMine Imposes 5% Cap on Ether Accumulation Target at Token2049
BitMine Chairman Tom Lee announced that the company will cease buying Ether once its holdings reach 5% of the asset's total supply.
BitMine Immersion Technologies will cap its Ether treasury at 5% of the cryptocurrency's total circulating supply, Chairman Tom Lee stated during a keynote address at the Token2049 conference in Singapore. The company currently holds approximately 6 million ETH, representing roughly 4.9% of the supply, and requires about 100,000 additional tokens to fulfill its target.
Lee explained that BitMine accumulated the bulk of its holdings during the previous market downturn to build its balance sheet while prices were depressed. He noted that establishing a strict upper limit eliminates the necessity of raising further capital through financial markets to fund cryptocurrency purchases.
To fund its treasury growth, BitMine previously issued $300 million in perpetual preferred stock and repurchased 16.1 million common shares under a $4 billion buyback program. Lee indicated that once the target is reached, the company may sell Ether generated through staking rewards to ensure its total ownership does not exceed the 5% threshold.
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