BitMine’s Ethereum buying spree could end in six weeks
Summary
BitMine chairman Tom Lee said the company will stop buying Ethereum once its holdings reach 5% of ETH supply. As of Oct. 4, BitMine held 6.02 million ETH, about 4.9% of supply, leaving roughly 88,600 ETH to reach the cap. Its latest disclosed buying pace could close the gap in about six weeks, though an unconfirmed reported purchase may bring the threshold closer. BitMine has staked about 84% of its holdings and estimates staking could generate $363 million in annualized revenue, rising to $431 million if all its ETH were staked. Staking rewards could push holdings over the cap, and the company has not explained how it would manage that risk.
