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Crypto

Tom Lee formalises cap on BitMine Ethereum holdings at 5 percent of supply

BitMine Immersion Technologies has set a cap on its Ethereum holdings at 5 percent of total supply. Chairman Tom Lee (톰 리) said at Token2049 in Singapore that the company has accumulated about 6 million ETH, roughly 4.9 percent of total supply, and needs about 100,000 more ETH to reach its target. He said the cap reduces the need to raise further capital for additional purchases and noted holdings could still rise via staking rewards.

Industry

MBK cancels 2.4 million Homeplus shares without compensation, wiping out 2.5 trillion won stake

MBK Partners’ 2.4 million Homeplus common shares were cancelled without compensation under a Homeplus rehabilitation plan approved by the Seoul Bankruptcy Court, eliminating shareholder rights including control. The cancellation removes the need for a new buyer to purchase the former controlling shareholder’s existing shares in any future M&A. MBK had said it would accept the cancellation. The plan’s implementation faced hurdles after Homeplus failed to secure 200 billion won in emergency funding, but financing was arranged later.