Tom Lee Says ‘Stay Tuned’ As Bitmine Nears 5% Ethereum Goal, Hints At What’s Next

• Tom Lee said on Thursday that Bitmine reached its 5% ETH goal years ahead of schedule.

• Lee hinted at a new long-term target but declined to disclose specifics.

• The company says plans will balance Ethereum ecosystem support and shareholder value.

Bitmine Immersion Technologies (BMNR) Chairman Tom Lee said that the company was close to owning 5% of all Ethereum (ETH) and told investors to "stay tuned" for what comes next, stopping short of naming a new target.

Speaking on the Coinage podcast on Thursday, Lee explained that the 5% goal had arrived years ahead of schedule. He said that Bitmine had set that level because it was a quantity of ETH large enough "to have a positive influence on the Ethereum ecosystem," funded in part by staking yields.

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The company had expected it to take five years, but he said that, "We're only 1.2 years into it, but I think we're pretty close to reaching that 5% target now," Lee said.

When Lee was asked whether the next goal of BMNR was owning 10% of Ethereum, he explained that the company had spent recent months "in consultation with the foundation, a lot of stakeholders in crypto, actually a lot of companies too, and some regulators." He said the objectives would not change, naming a beneficial impact on the Ethereum ecosystem and maximizing shareholder value.