Tom Lee: Bitmine may slow ETH buying as it nears 5% supply target

Bitmine (BMNR) Chairman and Fundstrat co-founder Tom Lee said the company may slow its pace of Ethereum purchases as it approaches its corporate supply target of 5%, CoinDesk reported. He noted that at its current rate of buying roughly 100,000 ETH per week, the company expects to reach its 5% goal within six weeks and is now considering a slowdown. Lee added that after reaching the target, Bitmine will focus on staking and share buybacks. The company had initially projected that acquiring 5% of the Ethereum supply would take five years, but it has already secured 4.29% in less than one year. Bitmine currently holds over 5.1 million ETH.