Tom Lee, chairman of BitMine Immersion Technologies, announced at the Token2049 conference that his company will stop accumulating Ethereum once it holds 5% of the total supply. BitMine currently holds over 6 million ETH, representing approximately 4.9% of total supply, and needs only around 100,000 more ETH to reach this hard cap. The announcement aims to ease investor concerns about potential dilution for BMNR shareholders. However, some market participants now fear the company may begin selling its ETH stash, which could put downward pressure on Ethereum’s price.
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