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Tom Lee announced that Bitmine will stop buying ETH, causing BMNR to drop 6%.

MarketRead the original at Benzinga
Neutral

Bitmine is close to its 5% Ethereum limit and has enough cash to finish, but it plans to stop adding afterward. That ends its weekly buying, while its existing holdings and $4.5 billion in paper losses leave the company outlook broadly unchanged.

BMNR · Bitmine

AI read · Neutral

The AI's read

The stopping point limits how much more Ethereum Bitmine will buy. That ends a steady source of demand, and past purchases already leave it with $4.5 billion in paper losses. But it is close to its 5% goal, has enough cash to finish, and will keep its existing coins. These facts do not point clearly one way for the company.

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