Bitmine holds 4.9% of the ETH supply, nearing the 5% cap set by Vitalik Buterin.

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Bitmine holds 4.9% of the ETH supply, nearing Vitalik Buterin’s 5% cap. The firm accumulated 6 million ETH, primarily during the bear market when ETH price fell to $1,500. On October 19, it added 12,535 ETH, bringing its total to 6,041,481 ETH, valued at nearly $14.5 billion. Two days later, it staked 159,728 ETH, with 86.5% of its treasury now staked. ETH analysis indicates the firm plans to stop purchasing once the 5% threshold is reached.

Odaily Planet Daily report: Tom Lee, Chairman of crypto asset treasury company Bitmine, stated that Bitmine holds approximately 6 million ETH, accounting for 4.9% of ETH’s total supply—about 100,000 ETH short of the 5% cap; purchases will cease upon reaching this limit, a cap proposed by Vitalik Buterin.

Tom Lee stated that Bitmine originally planned to complete this strategy over approximately five years, but achieved 4.9% of ETH’s total supply in just over a year. The company continued buying during the bear market and made large purchases when ETH price was around $1,500.

On October 19, Bitmine increased its ETH holdings by 12,535 ETH, bringing its total stake to 6,041,481 ETH, valued at nearly $14.5 billion at the time. Two days later, the company staked an additional 159,728 ETH, with approximately 86.5% of its treasury assets now staked. (Bitcoin.com News)

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