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ETH BitMine limits its Ethereum holdings at 5% of total supply.
Tom Lee, chairman of BitMine Immersion Technologies, said the company has capped the amount of Ether it holds at 5% of total cryptocurrency supply. In a keynote speech at the Token2049 conference held in Singapore on Wednesday, Lee revealed that BitMine is approaching this threshold with the company's cumulative holdings of approximately 6 million Ethereum units (approximately 4.9% of supply). He pointed out that the company still needs to purchase about 100,000 more ETH units to meet its goal.
"This is a hard upper limit. We will not continue to accumulate after reaching 5%,"Lee made clear." We will not own more than 5%."
Previously, Lee had remained open to the possibility of increasing his holdings of Ethereum's supply by more than 5%, depending on Ethereum adoption. In an interview with Bankless in August, he said the company may revisit the possibility in 2027.
BitMine announced that it has stopped "stacking" Ethereum
Lee said that most of BitMine's Ethereum was accumulated during what he called the crypto bear market, saying the company successfully built positions when prices were low. "We made all our purchases in a bear market," Lee said,"and our buying behavior protected the downside risk of ETH. But now, in the face of a 25-fold increase in the market, we have stopped adding positions."
Lee also linked the rigid 5% cap to BitMine's funding strategy. Stopping accumulation means companies don't need to raise additional capital to continue buying Ethereum. "So if we set a hard cap of 5%, that means we will outperform ETH on the rise, right?" Lee explained,"Because you don't have to worry about us trying to raise money. Let's stop here."
Building the Treasury and Future Planning through Capital Markets
BitMine has been building its Ethereum treasury through capital markets. In June, the company issued $300 million in permanent preferred stock. By early August, BitMine had repurchased 16.1 million shares of common stock under a $4 billion repurchase program.
Even if we stop buying Ethereum, the pledge proceeds may still increase BitMine's position. Lee has previously said companies can sell ETH they obtain through pledge to prevent their holding of more than 5%.
