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just now · 7:29 a.m. EDTOmkar GodboleShare this postX iconX (Twitter)LinkedInFacebookEmailBitMine to stop buying ether at 5% hard cap, Tom Lee says

BitMine Immersion Technologies will stop buying ether ETH$2,579.45 once it has accumulated 5% of the cryptocurrency’s supply, Chairman Tom Lee said during a keynote at Token2049 in Singapore on Wednesday.

“That’s a hard cap. We’re not gonna be accumulating past 5%,” Lee said. “We’re not gonna own more than 5% of Ethereum.”

He said the company needs to buy another 100,000 ETH to hit that self-imposed ceiling.

Ether’s price has declined by 4.5% to $2,477 since midnight UTC hours. Bitcoin, meanwhile, is down 2.2%.