Tom Lee’s $10K Ethereum Call Faces Its Biggest Test as BitMine Prepares to Stop Buying

Key Takeaways

• Tom Lee says BitMine will stop accumulating ETH once its holdings reach 5% of Ethereum's supply.

• Its latest buying pace suggests the remaining purchases could take roughly six weeks, although no stopping date has been announced.

• Lee's $10,000 forecast also faces a demand test as Ethereum advances its Glamsterdam upgrade.

Tom Lee's $10,000 Ethereum forecast is approaching a test involving his own company as BitMine's weekly buying campaign could soon end.

The world's largest corporate Ethereum treasury is nearing its ownership target, leaving Ethereum facing the withdrawal of a consistent buyer while Lee argues that much higher prices lie ahead.

BitMine Nears the End of Its Ethereum Buying Spree

Speaking at TOKEN2049 in Singapore on Oct. 7, BitMine chairman Lee said the company would stop accumulating Ethereum after reaching 5% of the token's supply.

The firm would then be "done stacking," the Ethereum bull said.

BitMine's Oct. 5 holdings update disclosed 6,016,414 ETH, equivalent to approximately 4.9% of the 122.1 million supply cited by the company.

Using that supply figure, the 5% threshold would be approximately 6.105 million ETH, leaving only around 88,586 tokens to acquire.