BitMine Immersion Technologies will stop accumulating Ether once its holdings reach 5% of the token’s total supply, Chairman Tom Lee said at TOKEN2049 Singapore on October 7. Cointelegraph reported his comments from the keynote, where he described the threshold as a firm ceiling.
“That’s a hard cap. We’re not gonna be accumulating past 5%,” Lee said. He put BitMine’s position at roughly 6 million ETH, or 4.9% of supply, and estimated it needs about 100,000 additional tokens to reach the limit.
The company’s latest treasury update, published October 5, disclosed 6,016,414 ETH as of October 4. That followed a weekly purchase of 15,112 ETH, which CoinScreamer covered in its previous brief. The figures place BitMine below the stated ceiling.
Lee linked the cap to BitMine’s funding strategy, saying an end to accumulation would remove the need to keep raising capital for further ETH purchases. His remarks clarify how the company intends to manage its long-standing 5% ownership goal.
BitMine also reported 5,067,309 ETH in staking, approximately 84% of its holdings. Staking rewards could still increase its balance after purchases stop. In an August Bankless interview, Lee raised selling those rewards as a possible way to remain within 5%, rather than announcing a finalized policy.
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