Tom Lee: We currently hold more than 6 million ETH. BitMine will STOP buying ETH once it reaches its hard cap of 5%. We only need to buy around 100,000 more ETH to reach 5%.
The original plan was to take 5 years to reach this goal, but BitMine has managed to accumulate that much ETH in just 1 year—and most of it happened during the bear market, when hardly anyone wanted to buy ETH. BitMine was the opposite: we were very happy to buy ETH at prices as low as $1,600.
Tom Lee calls 5% BitMine’s “hard cap” because it is the optimal level for shareholder value. This also means that after reaching 5%, as the total ETH supply continues to grow through staking rewards, BitMine will not keep buying more just to maintain exactly a 5% ownership stake.
#TomLee #bitmine
The original plan was to take 5 years to reach this goal, but BitMine has managed to accumulate that much ETH in just 1 year—and most of it happened during the bear market, when hardly anyone wanted to buy ETH. BitMine was the opposite: we were very happy to buy ETH at prices as low as $1,600.
Tom Lee calls 5% BitMine’s “hard cap” because it is the optimal level for shareholder value. This also means that after reaching 5%, as the total ETH supply continues to grow through staking rewards, BitMine will not keep buying more just to maintain exactly a 5% ownership stake.
#TomLee #bitmine