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Bitmine Prepares to Slow Down Ether Accumulation
BitMine Immersion Technologies chairman Tom Lee stated that the company plans to slow down its aggressive accumulation of Ethereum as it is close to achieving its goal of controlling 5% of the circulating supply of the world’s second-largest cryptocurrency by market capitalization.
BitMine Immersion Technologies accumulated more than 4% of the total Ether supply in just ten months, although the company had originally expected the process to take around five years, Lee told participants at the Consensus conference in Miami.
Competing for the position of the largest corporate Ether buyer, the company has been purchasing more than 100,000 Ethereum weekly, worth approximately $230 million.
Lee said the company may stop buying the altcoin once its reserves exceed 5.18 million coins.
Over the past week, BitMine Immersion Technologies acquired 101,901 Ethereum.
The company currently holds 5,078,386 Ethereum valued at approximately $11.7 billion.
BitMine is now considered the largest corporate holder of Ether.
“I think we will reduce the pace of Ether purchases. I’m not sure we need to execute the so-called 5% Plan too quickly. If we continue buying 100,000 ETH every week, we’ll reach that target in just six weeks,” Lee stated.
He added that the company intends to focus on other areas of business.
BitMine Immersion Technologies generates revenue through Ethereum staking, invests in high-risk projects, and maintains a presence in the stock market.
BitMine previously launched the MAVAN (Made in America Validator Network) staking platform and invested in Beast Industries and the American holding company Eightco.
Lee suggested that a single BitMine share could reach $5,000 if Ethereum rises to $250,000.
On Thursday, May 7, the company’s shares fell 4% and closed at $22.01.
Last month, the shares gained 9%, although they still trade 86% below their all-time high of $161.
Recently, Tom Lee, despite cautious investor sentiment, declared the beginning of a “crypto spring.”
The executive also expressed hope that US lawmakers will soon pass the CLARITY Act concerning stablecoin yield regulation.
