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Bitmine Chairman Tom Lee said at a Token2049 keynote in Singapore today that the company will stop buying more ETH after reaching its target of holding 5% of Ethereum’s total supply, setting the existing accumulation goal as a hard cap. Lee said Bitmine currently holds about 6 million ETH, or roughly 4.9% of total ETH supply, and needs only about 100,000 more ETH to reach the 5% target.
Separately, Lee has been sharing Bitmine’s ETH holdings on X, where Lee has referred to the 5% ownership target as the “Alchemy of 5%.”