Tom Lee says Ethereum (CRYPTO: ETH) treasury company BitMine Immersion Technologies (NASDAQ:BMNR) is closing in on its ambitious goal of owning 5% of Ethereum’s total supply—and has no plans to stop there.
BitMine Is 97% Of The Way To Its ETH Goal
Speaking on the Bankless podcast on Monday, Lee said BitMine currently holds about 5.82 million ETH, roughly 97% of the way toward its target of owning 5% of Ethereum’s supply.
The company needs to acquire roughly another $350 million worth of ETH to reach the target, according to Lee, which he predicts happening end of the year or sooner.
BitMine has purchased Ethereum for more than 60 consecutive weeks, although Lee maintained the company has deliberately slowed its buying pace after discussions with the Ethereum Foundation to avoid being viewed as a centralizing force.
