According to CoinMeta, the chairman of Bitmine, Tom Lee, stated that the company will cease purchasing when its Ethereum holdings reach 5% of the total circulating supply. Currently, the company holds 6,016,414 Ether, which is approximately 4.9% of the total supply. At the Token2049 conference in Singapore, Lee mentioned that they are still about 100,000 Ether short of this threshold and expect to complete the purchases within the next six to seven weeks. Lee noted that 5% represents a “hard cap” for Bitmine with the aim of optimizing shareholder value.