Bitmine just announced a hard cap on their $ETH position.
Tom Lee confirmed at Token2049: 5% of total supply is their ceiling. They're sitting at ~6.01M $ETH right now (roughly 4.9%), so they're only buying another 100k before they stop completely.
No more capital raises to keep stacking. No more endless dilution for shareholders. And if staking rewards push them over 5%, they'll sell those rewards to stay under the line.
So the "infinite buyer" narrative is done. They're almost there.
Tom Lee confirmed at Token2049: 5% of total supply is their ceiling. They're sitting at ~6.01M $ETH right now (roughly 4.9%), so they're only buying another 100k before they stop completely.
No more capital raises to keep stacking. No more endless dilution for shareholders. And if staking rewards push them over 5%, they'll sell those rewards to stay under the line.
So the "infinite buyer" narrative is done. They're almost there.