Tom Lee says Bitmine will stop buying after reaching 5% of ETH supply cap

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%."