Shares of BitMine Immersion Technologies (BMNR) fell after Chairman Tom Lee said the company will stop buying Ethereum once it reaches its target of holding 5% of the total circulating supply. Speaking at the TOKEN2049 conference, Lee called the threshold a “hard cap.” The announcement signals an end to the company’s 15-month aggressive accumulation strategy.
BitMine currently holds more than 6 million ETH. That represents roughly 4.9% of the total supply.
Ethereum’s price also fell nearly 5% amid concerns that the market would lose a significant corporate buyer. BitMine will now shift from acquiring ETH to generating income from its substantial crypto holdings.